Penzance, in partnership with TriWest Multifamily, has successfully completed the off-market acquisition of Stoney Trace Apartments, a 380-unit multifamily community located in Charlotte, North Carolina. The property is situated at 4616 Stoney Trace Drive in the city’s Mint Hill neighborhood.
Penzance is a prominent owner, operator, developer, and investor specializing in residential, mixed-use, industrial, and data center projects across the Mid-Atlantic region. ZRS Management will take over as the property manager for Stoney Trace, with acquisition financing arranged by Walker & Dunlop’s Blake Hockenbury and Bryan Frazier.
“We are excited to expand our investment in the Mid-Atlantic alongside TriWest Multifamily as a strategic partner,” said Jacob Rosenberg, Senior Vice President of Investments at Penzance. “The region is full of opportunity and growth, and this property within Charlotte presented an excellent opportunity to invest in a strong submarket that is insulated from new supply.”
Stoney Trace Apartments provide easy access to major employers in the area, including Atrium Health, Bank of America, Duke Energy, Wells Fargo, and Honeywell International Inc. Plans are in motion for Penzance and TriWest Multifamily to implement renovations and upgrades to the property to enhance its appeal and value.
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