DC investor buys Charlotte apartment complex for $65M as part of larger deal

CHARLOTTE — Washington, D.C.-based Penzance is expanding its reach in Charlotte through a recent multifamily portfolio acquisition.

The investment firm bought Presley Oaks, a 318-unit apartment community, from Florida-based American Landmark Apartments for $65 million, according to Mecklenburg County property records. Penzance paid roughly $204,400 per unit for the asset.

The sale was part of a more than $200 million acquisition of four properties in North Carolina and Virginia that closed in late December.

The garden-style community at 4915 Misty Oaks Drive near University Research Park has one- and two-bedroom units across 19 buildings. It was built in 1996. Rental rates were not available. Penzance is planning a series of capital investments to upgrade the property and reposition it within Charlotte’s strong multifamily market, Jacob Rosenberg, senior vice president of investments at Penzance, said in a news release.

“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,” he said. “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.”

The newly acquired portfolio totals 1,100 units and more than 1.2 million square feet of multifamily development. It also includes Arden Ridge, a planned 109-unit build-to-rent townhome community in Asheville; Compass at City Center, a 396-unit garden-style community in Newport News, Virginia; and Nexus Luxury Apartments and Retail, a 268-unit mid-rise apartment development with retail space in Virginia Beach, Virginia.

Penzance has made several other investments in the Charlotte market in recent years.

In October, the firm acquired a 220,281-square-foot industrial building at Axial Southgate 77 for $32.3 million. The building, which is part of a larger industrial development by Crescent Communities, is located at 1203 Galleria Blvd. in Rock Hill.

Penzance also acquired Stoney Trace Apartments for $59.8 million in December 2024, according to previous Charlotte Business Journal reporting. The 380-unit apartment complex, built in 1990, is located at 4616 Stoney Trace Drive in Mint Hill.