Penzance, in partnership with TriWest Multifamily, has acquired Stoney Trace Apartments in Charlotte for $59.8 million from Bridge Investment Group. The 380-unit multifamily community is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood.
Stoney Trace recently underwent renovations and offers a range of amenities including a fitness center, club room with business center and pool table, soccer field, dog park and outdoor pool with grilling area.
Penzance and TriWest Multifamily have plans to further improve the property through various renovations. ZRS Management will serve as the property manager while Walker & Dunlop’s Blake Hockenbury and Bryan Frazier arranged acquisition financing.
Founded in 1996, Penzance has managed $3.9 billion worth of assets throughout its history. Based in Southern California, TriWest focuses on multifamily investments across the Western United States.
