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Transactions - DECEMBER 6, 2019

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CBRE Global Investors acquires two multifamily assets

by Andrea Zander

In separate deals, a fund sponsored by CBRE Global Investors acquired two multifamily properties in the United States.

In one deal, the fund acquired The Penrose, a 350-unit multifamily property located in the South End neighborhood of Charlotte, N.C. The acquisition of the property, which is located at 327 West Tremont Ave., is aligned with the fund’s strategy of investing in mid-rise apartment communities in target multifamily markets across the United States.

The Penrose spans 270,874 square feet and includes a mix of studio, one- and two-bedroom apartments. Residents at The Penrose, which is 90 percent leased, have access to amenities including a resort-style pool, outdoor communal kitchens, a 24-hour athletic club, a pet spa, an art studio, two resident lounges and an entertainment center.

The Penrose is less than a 10-minute drive from downtown Charlotte and 15-minute drive to Charlotte Douglas International Airport. The neighborhood offers residents a v

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