WASHINGTON--(BUSINESS WIRE)--Feb 2, 2026--

Penzance, a vertically integrated real estate fund manager, acquired approximately $200 million in multifamily and residential assets totaling 1,100 units and over 1.2 million square feet during the fourth quarter of 2025, significantly expanding its footprint across Virginia and the Carolinas. The four projects target a mix of high-growth markets with strong employment drivers and limited new supply.

The acquisitions include stabilized communities purchased well below replacement value, along with a build-to-rent development, deploying capital across a range of risk-adjusted strategies. By combining selective redevelopment, operational upgrades, and new development, Penzance positions each of the four assets to capitalize on local market strength while diversifying its portfolio.

“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.

A Diversified, Strategy-Driven Portfolio

The fourth-quarter acquisitions include:

• Presley Oaks (Charlotte, NC): A 318-unit multifamily community located in North Charlotte, inside the I-485 loop near University City and Research Park, with convenient access to Uptown. Built in 1996, Presley Oaks offers strong value to tenants with spacious apartments, 9’ ceilings, private garages, a pool, and a fitness center. Its proximity to major employers, retail, and dining supports robust rental demand.
• Compass at City Center (Newport News, VA): A 396-unit garden-style multifamily community in the heart of Newport News and Hampton Roads. Built in 1985, the property comprises a mix of one-, two-, and three-bedroom homes averaging 995 square feet each. Situated adjacent to the City Center at Oyster Point live-work play district, the community offers walkable access to retail, dining, major employers, and transportation corridors, including I-64, supporting ongoing demand in a market with limited new supply.
• Nexus Luxury Apartments and Retail (Virginia Beach, VA): A 268-unit four-story multifamily and retail community built in 2018 in Virginia Beach’s Kempsville corridor. Residences feature one and two-bedroom units designed to maximize space and comfort, along with 30,000 sf of on-site retail and amenity areas that support a high-quality resident experience. Its central location in the Hampton Roads area, near I-264 and I-64, offers convenient access to shopping, dining, and employment hubs. The asset was purchased from the original developer, providing liquidity for future projects.
• Arden Ridge (Asheville, NC): A planned 109-unit build-to-rent townhome development on a 10-acre site near Asheville. Arden Ridge will deliver three and four-bedroom townhomes with private garages and shared community space, offering family-oriented rental housing in a market with growing demand and limited family options. Pre-construction is underway, with a groundbreaking expected early 2026 and the first homes slated for delivery in the second quarter of 2027.

In 2026, Penzance plans to make new investments across the Mid-Atlantic, from New Jersey to South Carolina. The firm’s expanding portfolio reflects continued growth across multifamily, industrial, data center, and other commercial assets, demonstrating its ability to execute across asset types and geographies while delivering consistent, risk-adjusted returns.

About Penzance

Penzance is a fully integrated real estate owner, operator, developer, and fund manager. Founded in 1996, the firm has built a track record of successful investing in multifamily, industrial, data center, and other commercial properties across the Mid-Atlantic, creating a reputation for attention to detail and focused, active asset management. Penzance professionals combine entrepreneurial and institutional real estate experience with in-depth local market knowledge. Its core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, fund management, and investor reporting. Over its history, Penzance has managed over $4.5 billion of gross asset value and, today, manages over $1.1 billion of discretionary capital on behalf of high-quality institutional investors through its series of flagship funds. For additional information, visit www.pzre.com.

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KEYWORD: SOUTH CAROLINA NORTH CAROLINA VIRGINIA DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY ASSET MANAGEMENT REIT

SOURCE: Penzance

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PUB: 02/02/2026 08:22 AM/DISC: 02/02/2026 08:22 AM

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