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**Penzance Acquires Two North Carolina Rental Assets**
Penzance has expanded its portfolio with the acquisition of approximately $200 million in multifamily and residential assets during the fourth quarter of 2025. The acquisitions, totaling 1,100 units and over 1.2 million square feet, span Virginia and the Carolinas. Among the four projects acquired, two are located in North Carolina—Presley Oaks in Charlotte and Arden Ridge in Asheville.
The acquisitions represent a mix of stabilized communities purchased below replacement cost and a new build-to-rent development, reflecting Penzance’s strategy to deploy capital across a range of risk-adjusted real estate investments.
Presley Oaks, situated in North Charlotte, is a 318-unit multifamily community built in 1996. The property features private garages, a swimming pool, and a fitness center, offering residents a well-appointed lifestyle in a growing submarket.
Arden Ridge is a forthcoming 109-unit build-to-rent townhome community planned on a 10-acre site near Asheville. The development will consist of three- and four-bedroom townhomes with private garages. Pre-construction activities are currently underway, with groundbreaking anticipated in early 2026 and initial home deliveries expected by the second quarter of 2027.
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