Penzance Completes Strategic Multifamily Acquisitions Across Virginia And The Carolinas
Penzance closed a significant fourth-quarter acquisition program, purchasing approximately $200 million in multifamily and residential assets totaling about 1,100 units and more than 1.2 million square feet across Virginia and the Carolinas. The four-asset portfolio targets markets with employment drivers and constrained new supply, and includes stabilized communities acquired below replacement cost alongside a build-to-rent development.
Penzance intends to deploy a mix of selective redevelopment, operational upgrades, and new development to position each asset to capture local market fundamentals while diversifying risk across strategies.
“These acquisitions highlight the attractive opportunities we are seeing in residential projects with solid fundamentals and represent meaningful growth opportunities in target markets, across Virginia and the Carolinas, said Jacob Rosenberg, Senior Vice President, Investments at Penzance. A portfolio of well-located assets with attractive yields, complemented by strategic development, allows us to deliver strong risk-adjusted returns for our fund investors. We are grateful to the advisors, partners, and brokerage teams who helped us close these transactions expeditiously, adding meaningful scale for Penzance while meeting sellers and partners individual needs.”
“Having worked with Penzance for years and on multiple transactions, I continue to be impressed with its solution-oriented approach to acquisitions, allowing Penzance to meet the needs of various sellers on tight timelines, said Drew White, Investment Sales Senior Managing Director from Berkadia.”
Acquisitions completed in Q4 include:
– Presley Oaks, Charlotte, NC: 318-unit community inside I-485 near University City and Research Park. Built in 1996 with spacious floor plans, 9-foot ceilings, private garages, and resident amenities.
– Compass at City Center, Newport News, VA: 396-unit garden-style property built in 1985, averaging 995 square feet per home and located adjacent to the City Center at Oyster Point live-work-play district.
– Nexus Luxury Apartments and Retail, Virginia Beach, VA: 268-unit, four-story multifamily and retail asset built in 2018 in the Kempsville corridor, including roughly 30,000 square feet of on-site retail.
– Arden Ridge, Asheville, NC: Planned 109-unit build-to-rent townhome community on a 10-acre site, offering three- and four-bedroom homes. Pre-construction is underway, with groundbreaking expected early 2026 and first deliveries in second quarter 2027.
Penzance also signaled continued investment activity for 2026 across the Mid-Atlantic, from New Jersey to South Carolina, and ongoing expansion across multifamily, industrial, data center, and other commercial asset types. These transactions illustrate a multifaceted approach to scale and risk management that aligns acquisition, redevelopment, and development strategies with local market dynamics.