Penzance bought four apartment properties totaling 1,100 units in Virginia and North Carolina, significantly expanding its footprint across the region, the Washington, D.C.-based owner, operator, developer and investor announced in a Jan. 15 press release shared with Multifamily Dive. The firm made the purchases, totaling $200 million, in the fourth quarter of 2025.
With multifamily deliveries slowing and homeownership remaining out of reach for many households, investors are doubling down on well-located housing in Southeast markets that have strong job growth and limited new supply, according to Penzance. The recent purchases target a mix of high-growth markets with strong employment drivers and limited new supply.
“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 of investments at Penzance, in the release.
Earlier in 2025, Penzance and TriWest Multifamily bought the 380-unit Stoney Trace Apartments in Charlotte, North Carolina. In 2026, Penzance plans to make new investments across the Mid-Atlantic region, from New Jersey to South Carolina, according to the release. Its recent acquisitions are:
Presley Oaks in Charlotte, North Carolina: 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-foot ceilings, private garages, a pool and a fitness center. Its proximity to major employers, retail, and dining supports robust rental demand, per the release.
Compass at City Center in Newport News, Virginia: 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 district, the community offers walkable access to retail, dining, major employers and transportation corridors, supporting ongoing demand in a market with limited new supply.
Nexus Luxury Apartments and Retail in Virginia Beach, Virginia: 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, along with 30,000 square feet of on-site retail and amenity areas. Its central location in the Hampton Roads area offers convenient access to shopping, dining and employment hubs. It was purchased from the original developer, providing liquidity for future projects, per Penzance.
Arden Ridge in Asheville, North Carolina: 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 Q2 of 2027.
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