CHARLOTTE, N.C. – December 4, 2019 – A fund sponsored by CBRE Global Investors has 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 an expansive amenity collection that includes 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 variety of dining, retail and entertainment options.
“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,” said Kim Hourihan, a portfolio manager for CBRE Global Investors. “We expect proximity to downtown Charlotte and to the region’s top employers will help to draw a variety of renters to The Penrose, which will feature A&B Living, CBRE Global Investors’ holistic philosophy of care and connection, community-building and amenities that enhances the tenant experience.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.