Penzance Expands Footprint With Two Hundred Million in Multifamily Acquisitions Across Virginia and the Carolinas

Penzance completed roughly $200 million in multifamily and residential acquisitions during the fourth quarter of 2025, expanding its presence across Virginia and the Carolinas. The portfolio totals about 1,100 units and more than 1.2 million square feet, and it spans stabilized communities bought below replacement cost, a build-to-rent development, and assets acquired to support selective redevelopment and operational upgrades.

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.

The fourth-quarter acquisitions include:

Presley Oaks, Charlotte, NC — 318-unit community in North Charlotte inside the I-485 loop near University City and Research Park. Built in 1996, the asset offers spacious layouts, nine-foot ceilings, private garages, a pool, and a fitness center, positioned to serve renters drawn to nearby employers, retail, and Uptown access.

Compass at City Center, Newport News, VA — 396-unit garden-style property built in 1985 with one-, two-, and three-bedroom homes averaging 995 square feet. Located adjacent to the City Center at Oyster Point live-work-play district, the community benefits from walkable retail and access to I-64 in a market with limited new supply.

Nexus Luxury Apartments and Retail, Virginia Beach, VA — 268-unit, four-story multifamily and retail property built in 2018 along the Kempsville corridor. The asset includes one- and two-bedroom residences and roughly 30,000 square feet of on-site retail and amenity space. Purchased from the original developer, the transaction provides liquidity for future projects.

Arden Ridge, Asheville, NC — A planned 109-unit build-to-rent townhome development on a 10-acre site delivering three- and four-bedroom units with private garages and shared community space. Pre-construction is underway, with groundbreaking expected early 2026 and first homes slated for delivery in the second quarter of 2027.

"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.

Penzance said it plans additional investments across the Mid-Atlantic in 2026, from New Jersey to South Carolina, and continues to expand a portfolio that includes multifamily, industrial, data center, and other commercial asset types. For operators and investors, these transactions underscore the role of targeted acquisitions, redevelopment, and product diversification in responding to local demand and delivering risk-adjusted returns. Multifamily Leadership will continue to track how capital deployment and development strategies shape regional housing supply and investment outcomes.