Fund III closed to new investors in 2025 after receiving commitments from Penzance and a diverse mix of 23 premier institutional investors, including foundations, endowments, public and private pension funds, and a family office.
Penzance acquired Gateway & Linden, a two-park industrial flex portfolio with a combined 212,000 square feet of industrial space in February. The investment is a high-quality industrial flex asset acquired below replacement cost in a supply-constrained market.
Penzance acquired Southgate 77, a 220,400 SF Class A industrial asset, in October. The property is located in Rock Hill, South Carolina and offers immediate access to I-77. The property serves as a key location for logistics and light manufacturing users, benefiting from limited new supply in the Charlotte industrial market.
Penzance 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 four projects target a mix of high-growth markets with strong employment drivers and limited new supply. 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 assets. By combining selective redevelopment, operational upgrades, and new development, Penzance positions each of the four assets to take advantage of local market strength while diversifying its portfolio.
The acquisitions include: (i) Presley Oaks, a 318-unit multifamily community built in 1996 and located in Charlotte, NC, (ii) Compass at City Center, a 396-unit garden-style multifamily community in the heart of Newport News and Hampton Roads, VA built in 1985, (iii) Nexus Luxury Apartments and Retail, a 268-unit four-story multifamily and retail community built in 2018 and (iv) Arden Ridge, a planned 109-unit build-to-rent townhome development on a 10-acre site near Downtown Asheville, NC.
