Penzance Picks Up Charlotte Apartments for $59.8M

Penzance, along with its partner TriWest Multifamily, acquired Stoney Trace Apartments, a 380-unit multifamily community in Charlotte. Penzance purchased Stoney Trace from Bridge Investment Group for $59.8 million. Bridge purchased it in 2019 for $42.1 million.

Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. The recently renovated community amenities include a fitness facility, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

Penzance and TriWest Multifamily are planning various renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Walker & Dunlop’s Blake Hockenbury and Bryan Frazier arranged acquisition financing.

Penzance, which was founded in 1996, has managed $3.9 billion worth of assets in its history.

TriWest is based in Southern California and is “focused on multifamily investments throughout the Western United States. “