New multifamily firm makes first acquisition

PENLER, a new multifamily real estate investment platform, has acquired its first asset, Presley Uptown, a 230-unit luxury property in downtown Charlotte, N.C., for approximately $55 million.

JLL Income Property Trust was PENLER’s institutional investment partner in the transaction.

Uptown is one of Charlotte’s most popular and fastest-growing neighborhoods. Located just off Interstate 277, the pet-friendly community is near several shopping, dining and entertainment options as well as green space and major sports arenas. A Lynx Blue Line rail station and a new Whole Foods are within walking distance of the property.

Presley Uptown is National Green Building Standard Green Certified and features class A unit finishes and amenities including a saltwater pool with aqua bar, a sky lounge rooftop deck, a large fitness center and more. PENLER plans to refresh some of the common areas of the property in the coming year. Future updates include the addition of smart-home technology throughout the community.

“This investment is a prime example of our strategy to acquire well-located, in-fill projects in high-growth Southeastern markets at an attractive cost basis,” said Graham Carpenter, PENLER managing partner. “The company is less than a year old, and we are hitting our production targets and adding key management team members, as planned.”

PENLER also recently named Mark Hinshaw as CFO, and Alex Geeslin as director of asset management. Plus, the firm expects to start its first development project next month in Metro Atlanta in November with two additional development projects slated to break ground in the first half of 2020.

Launched in early 2019, PENLER is a full-service multifamily real estate operating platform focused on major metropolitan areas across the Sun Belt.