Key Takeaways
- • CBRE Global Investors acquired The Penrose, a 350-unit multifamily property in Charlotte's South End neighborhood, aligned with the firm's strategy of investing in mid-rise apartment communities across target U.S. markets.
- • The Penrose spans 270,874 square feet with a mix of studio, one- and two-bedroom units and is currently 90% leased, featuring premium amenities including a resort-style pool, 24-hour athletic club, pet spa, art studio, and entertainment center.
- • The property's location—approximately 10 minutes from downtown Charlotte and 15 minutes from Charlotte Douglas International Airport—positions it to capitalize on robust regional employment growth and strong demand for high-end rental apartments in the increasingly popular South End neighborhood.
- • CBRE Global Investors, which manages $106.2 billion in assets under management as of September 2019, will implement its A&B Living philosophy focused on community-building and enhanced tenant experience at the asset.
- • The acquisition reflects continued institutional investor appetite for multifamily real estate in secondary and tertiary Sun Belt markets experiencing population and employment expansion.
Summary
CBRE Global Investors has completed the acquisition of The Penrose, a 350-unit multifamily property located at 327 West Tremont Avenue in Charlotte's South End neighborhood. The transaction reflects the global investment manager's strategy of deploying capital into mid-rise apartment communities in high-demand multifamily markets across the United States.
The property comprises 270,874 square feet and offers a diversified floor plan mix including studio, one-bedroom, and two-bedroom units. At the time of acquisition, The Penrose was 90% leased, indicating strong market demand and operational performance. The asset features an expansive amenity package designed to support premium rental positioning, including a resort-style pool, 24-hour athletic club, pet spa, art studio, two resident lounges, and an entertainment center. These amenities reflect institutional quality standards expected by contemporary renters in competitive multifamily markets.
Location represents a significant value driver for the investment. The Penrose sits less than 10 minutes from downtown Charlotte's central business district and approximately 15 minutes from Charlotte Douglas International Airport, providing convenient access to major employment centers and transportation hubs. The South End neighborhood itself offers diverse dining, retail, and entertainment options, contributing to the area's appeal for renters. According to Kim Hourihan, a portfolio manager at CBRE Global Investors, "The Penrose is a new property that is helping to fill the demand for high-end apartment rentals in the increasingly popular South End neighborhood. As Charlotte continues to benefit from robust employment growth, we expect that this demand will only increase."
CBRE Global Investors will implement its A&B Living operational philosophy at the property, emphasizing holistic tenant care, connection, community-building, and enhanced amenities that improve the overall resident experience. The acquisition aligns with broader institutional capital flows into Sun Belt multifamily assets, where favorable employment trends, population migration, and limited new supply are supporting rental rate growth and asset valuations.
The property comprises 270,874 square feet and offers a diversified floor plan mix including studio, one-bedroom, and two-bedroom units. At the time of acquisition, The Penrose was 90% leased, indicating strong market demand and operational performance. The asset features an expansive amenity package designed to support premium rental positioning, including a resort-style pool, 24-hour athletic club, pet spa, art studio, two resident lounges, and an entertainment center. These amenities reflect institutional quality standards expected by contemporary renters in competitive multifamily markets.
Location represents a significant value driver for the investment. The Penrose sits less than 10 minutes from downtown Charlotte's central business district and approximately 15 minutes from Charlotte Douglas International Airport, providing convenient access to major employment centers and transportation hubs. The South End neighborhood itself offers diverse dining, retail, and entertainment options, contributing to the area's appeal for renters. According to Kim Hourihan, a portfolio manager at CBRE Global Investors, "The Penrose is a new property that is helping to fill the demand for high-end apartment rentals in the increasingly popular South End neighborhood. As Charlotte continues to benefit from robust employment growth, we expect that this demand will only increase."
CBRE Global Investors will implement its A&B Living operational philosophy at the property, emphasizing holistic tenant care, connection, community-building, and enhanced amenities that improve the overall resident experience. The acquisition aligns with broader institutional capital flows into Sun Belt multifamily assets, where favorable employment trends, population migration, and limited new supply are supporting rental rate growth and asset valuations.
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