CHARLOTTE, NC – Penzance, along with its partner TriWest Multifamily, announced the off-market acquisition of Stoney Trace Apartments, a 380-unit multifamily community in Charlotte, North Carolina. Penzance has been a leading owner, operator, developer and investor in the Mid-Atlantic region for more than a quarter of a century, and this acquisition adds to its robust Mid-Atlantic portfolio of residential, mixed-use, industrial and data center projects.
Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. Designed to serve families as well as single individuals, the units feature fireplaces, walk-in closets, dishwashers and private patios or balconies. The recently renovated community amenities include a fitness facility, club room with business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.
We are excited to expand our investment in the Mid-Atlantic alongside TriWest Multifamily as a strategic partner. The region is full of opportunity and growth and this property within Charlotte presented an brilliant opportunity to invest in a strong submarket that is insulated from new supply, said Jacob Rosenberg, Senior Vice President of Investments at Penzance. Stoney Trace is exactly the kind of well-located community that attracts residents and will provide for long-term value creation available by focusing on property operations and improvements.
Stoney Trace lies only a few miles from Uptown Charlotte, offering convenient access to major employers like Atrium Health, Bank of America, Duke Energy, Wells Fargo and Honeywell International Inc. The community is conveniently located a small drive from grocers Lidl and Harris Teeter and retail options along Route 74 including the Galleria Shopping Center, Cinemark Bistro, Food Lion and various coffee shops and restaurants.
Penzance and TriWest Multifamily are plotting a variety of renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Acquisition financing was arranged by Walker & Dunlop s Blake Hockenbury and Bryan Frazier.

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SACRAMENTO, CA – The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has bought The Strand, a 408-unit newly built institutional quality multifamily community located in the highly desirable submarket of West Sacramento, California. The buy price was $126,000,000 or $308,824 per unit. Louis Friedel, Clay Akiwenze, and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital, LLC provided the acquisition loan. The seller was represented by Berkadia’s investment sales team led by Jason Parr and Scott MacDonald. Sares Regis will provide property management services.
Built in 2021 by MBK Rental Living, The Strand is a recently built garden-style community with exceptional connectivity to Sacramento’s major economic drivers. The property is ideally situated within The Rivers community, a prestigious pocket of West Sacramento with $1m+ homes, river adjacent walking trails, and nearby retail. The Strand residents benefit from a unique combination of suburban living and a small 10-minute commute to the downtown urban core. The Strand’s 408 units are complemented by ample surface parking which is extremely rare given the communities proximity to the urban core. The unit mix includes 7% junior one-bedroom, 34% one-bedroom, 51% two-bedroom, and 7% three-bedroom units. The property’s most notable amenity offerings include two pools and spas, indoor and outdoor fitness centers, a clubhouse, a dog park, and EV charging stations.
“The acquisition of The Strand is an brilliant opportunity to buy a new construction, low density multifamily asset in a durable market with limited future supply and recent major institutional investment at an attractive in-place yield,” said Jim Singleton, SVP/Principal – Acquisitions. “The Strand currently competes with recently constructed suburban multifamily assets due to its high-end finishes, low density, and superior location. Bascom plans to utilize third party professional property management and complete minor upgrades.”
The Strand is well positioned to capitalize on favorable market conditions throughout the hold period. New multifamily deliveries in the Sacramento market are projected to significantly decrease and population growth is projected to remain steady. With a durable employment base and relative affordability, the Sacramento MSA attracts companies and individuals seeking a recession resistant environment. In addition to such attractive market conditions, recent and future institutional investment in the area suggests the area is poised for future growth.
Paul Diamond, Senior Principal for Bascom, states, “One of the standout advantages of The Strand is its proximity to Sacramento’s key economic drivers. Recent institutional investments within a 1.5-mile radius include the Sacramento Kings’ Golden 1 Arena, the groundbreaking new CalSTRS building, the Sacramento Railyards, Sutter Health Park, and the I Street Bridge replacement project. The Sacramento market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California’s most economically robust regions.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “Oaktree is committed to identifying value opportunities and being a source of strategic liquidity to sellers and operators during this period of continued dislocation in the real estate cycle. The Strand acquisition enables Oaktree to leverage its existing vast multifamily platform and expertise to bridge a high-quality, newly delivered asset in a growing market to stabilization with a strong existing partner in Bascom.”
The Bascom and Oaktree partnership started in 2014 with the buy of The Springs, a 320-unit apartment complex in Corona, CA. Over the last ten years, Bascom and Oaktree have bought 31 multifamily assets totaling 10,118 units and $1.5 billion in project cost across the US. Joe Ferguson, Acquisitions Manager for Bascom added, “We are excited to close another transaction with Oaktree. We feel the timing is right as the rapid increases in interest rates and softening market has resulted in value declines of 20-30% on existing multifamily properties with supply of new construction of apartments dramatically reduced.”

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NASHVILLE, TN – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Nations, a podium-style apartment community in The Nations neighborhood along the Cumberland River.
Modera Nations, which will feature 396 homes, will sit approximately three miles west of Downtown Nashville in one of the city’s fastest-emerging submarkets. The community is located on top of a prominent bluff adjacent to the Cumberland River and will offer expansive riverfront and skyline views. The community first broke ground in December 2023, with first go-ins anticipated for Fall 2025.
“Nashville continues to be an extremely attractive market due to its ongoing employment growth, thriving market fundamentals and overall recession resilience,” said Luca Barber, senior managing director of development in Nashville for Mill Creek Residential. “The city’s westside has transformed over the past decade, as vacant warehouses have been replaced by creative office space, coffee shops and eclectic retailers. Apartment demand has followed, and we look forward to offering a best-in-class living experience as the neighborhood continues to grow.”
Situated at 1650 54th Avenue N, Modera Nations sits at the brink of several industrial redevelopments and adaptive reuse projects, including Stocking 51, Stateline and Silo Studios, which combine for more than 320,000 square feet of mixed-use space for creative office, retail and entertainment. Additionally, the well loved Nashville Greenway is projected to significantly expand with a plotted access point at the north end of the community. The community will also offer simple access to Interstate 40 and is a five-minute drive from Downtown Nashville.
Modera Nations will offer studio, one-, two- and three-bedroom homes with select den layouts. The community will feature a sophisticated modern design, private patios and balconies and will be home to the only bowling alley lounge in the city. Additional community amenities will include a contrast therapy spa with two saunas and a cold plunge, coworking lounge with private workstations and group meeting areas, club-quality gym with Peloton bikes and yoga/Pilates studio, four landscaped courtyards with outdoor dining and grilling areas, community garden, resort-style swimming pool, dog park with pet wash and a rooftop deck. The community will also include a mix of garage and surface parking with EV charging stations, bike lockers, cold storage delivery and additional private storage space options.
Home interiors will feature oversized floor-to-ceiling windows, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets with under-cabinet lighting, pendant lighting, moveable kitchen islands, in-home washers and dryers, smart thermostats, key fob access, controlled-access guest technology and pre-installed in-home WiFi. Bathrooms will include designer vanity mirrors, tiled showers, quartz countertops and custom cabinetry. Modera Nations will be built to, and is pursuing, an NGBS Silver Certification.

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