Penzance Expands MF Portfolio with $200M in Acquisitions
Penzance has acquired approximately $200 million in multifamily and residential assets totaling 1,100 units and over 1.2 million square feet during the fourth quarter of 2025, significantly expanding its footprint across Virginia and the Carolinas.
The acquisitions include stabilized communities purchased well below replacement value, along with a build-to-rent development, deploying capital across a range of risk-adjusted strategies. “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, Investments at Penzance.
The fourth-quarter acquisitions include a 318-unit multifamily community located in North Charlotte, a 396-unit garden-style multifamily community in Newport News ,a 268-unit four-story multifamily and retail community in Virginia Beach, and a 109-unit build-to-rent townhome development on a 10-acre site near Asheville.
In 2026, Penzance plans to make new investments across the Mid-Atlantic, from New Jersey to South Carolina.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout