Penzance Makes Strategic Move with Stoney Trace Acquisition
Penzance, a recognized leader in real estate, along with TriWest Multifamily, has announced an exciting off-market acquisition of Stoney Trace Apartments. This 380-unit multifamily community is ideally situated in a thriving area, further strengthening Penzance's extensive Mid-Atlantic portfolio.
Details of the Stoney Trace Apartments
Located conveniently at 4616 Stoney Trace Drive in Mint Hill, Stoney Trace Apartments are designed to accommodate families and individuals alike. Each unit is equipped with desirable features including fireplaces, spacious walk-in closets, modern dishwashers, and private outdoor spaces such as patios or balconies. This community boasts a variety of recently upgraded amenities, including a fitness center, a club room with a business center, a soccer field, a dog park, and an inviting outdoor pool area complete with grills for gatherings.
Investment Rationale
Jacob Rosenberg, Senior Vice President of Investments at Penzance, expressed enthusiasm about this strategic partnership with TriWest Multifamily. He stated, "We are excited to expand our investment in the Mid-Atlantic. The region is full of opportunity and growth, and this property presented a compelling opportunity in a strong submarket that is insulated from new supply." Stoney Trace symbolizes the valued approach Penzance adopts toward community investments, prioritizing locations that promise long-term growth and resident satisfaction.
Stoney Trace’s Prime Location
The strategic location of Stoney Trace puts it just a few miles away from Uptown Charlotte, offering residents seamless access to major employment hubs. Employers such as Atrium Health, Bank of America, Duke Energy, and Wells Fargo are just a short drive away. Additionally, grocery stores like Lidl and Harris Teeter, as well as various retail options along Route 74, enhance the community’s appeal.
Future Enhancements by Penzance and TriWest
Penzance and TriWest Multifamily have ambitious plans for Stoney Trace, intending to implement several renovations throughout the property. With ZRS Management on board to manage the property, the vision for Stoney Trace is focused on elevating the living experience for current and future residents.
About Penzance
Penzance is a dynamic real estate firm engaged in ownership, operation, and development across the Mid-Atlantic region. With over 25 years of expertise, the company has successfully managed an impressive $3.9 billion in gross asset value, and they currently oversee over $1 billion in capital. Penzance prides itself on being a woman-owned firm, fostering a diverse and skilled team devoted to strategic investments and rigorous risk management practices.
About TriWest Multifamily
TriWest Multifamily specializes in multifamily real estate investments across the United States, holding a portfolio of approximately 4,500 apartments spread across seven states, including North Carolina. Their approach emphasizes value-add strategies through renovations and enhancements to both apartment interiors and community amenities, supported by their vast experience in the industry. TriWest operates an integrated model encompassing acquisitions, asset management, and construction, positioning them as a formidable player in the multifamily market.
Frequently Asked Questions
What is the significance of the acquisition of Stoney Trace?
The acquisition of Stoney Trace enhances Penzance's Mid-Atlantic portfolio, tapping into a market with growth potential.
What features do Stoney Trace Apartments offer?
Stoney Trace Apartments feature modern amenities such as fireplaces, walk-in closets, dishwashers, and community facilities like a fitness center and dog park.
How far is Stoney Trace from Uptown Charlotte?
Stoney Trace is located just a few miles from Uptown Charlotte, providing easy access to major employers and urban conveniences.
Who manages the property of Stoney Trace?
ZRS Management has been appointed to manage the property, overseeing operations and ensuring high-quality living conditions for residents.
What are Penzance's future plans for Stoney Trace?
Penzance and TriWest Multifamily plan to implement numerous renovations and enhancements to improve the community and resident experience.
