EVERETT, WA – CEP Multifamily announced their acquisition of the Nimbus Apartments, a 165-unit luxury midrise apartment community in Everett’s central business district. Nimbus is the 23rd acquisition in Washington for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,534 units. The acquisition price was $49 million ($296,970 per unit) and marks the second acquisition for CEP’s latest fund vehicle, CEP Multifamily Fund II, according to Josh Jansen, CEP’s CEO and Managing Partner.
Completed in 2022, Nimbus offers residents a mix of studios, one- and two-bedroom units. The community features luxury-grade finishes ranging from soft-close cabinets and stainless steel appliances to quartz countertops and 9-foot ceilings. Residents also delight in an extensive amenity package including coworking space in the lobby, state-of-the-art fitness center, an arcade, and the 8th floor cloud room with an entertaining kitchen and a rooftop lounge with mountain views.
“Nimbus is a perfect fit for our strategy to provide desirable, attainable housing to the area’s workforce,” said Jansen. “Everett and Snohomish County boast strong employment fundamentals due to a mix of established blue-chip employers and a robust start-up ecosystem. Area residents delight in a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool. These factors have supported long-term population and employment growth, trends we believe will accelerate in the coming years.”
David Young, Corey Marx, and Chris Ross of JLL Seattle brokered the transaction.
CEP Multifamily (CEP) is a vertically integrated real estate investment firm that offers accredited investors access to investment opportunities in institutional grade apartment communities across the Pacific Northwest, focusing on workforce housing in supply-constrained submarkets with strong economic fundamentals.

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CHARLOTTE, NC – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera LoSo, a contemporary midrise apartment community in Lower South End.
The community, which features 351 luxury homes, is situated less than five miles south of Uptown Charlotte, adjacent to South End, and surrounded by a variety of retail, office and well loved entertainment destinations. The community is also within walking distance of the LYNX Blue Line Scaleybark Station, which provides connectivity to the key attractions and employment centers throughout the city. First go-ins are anticipated for March.
“We’re keen to officially join the LoSo market, which continues to become a preferred living destination among discerning residents,” said Alex Eyssen, senior managing director for Mill Creek Residential. “We believe Modera LoSo will be distinctive in the market due to its unique design elements and refined amenity spaces. Our in-house team is fully prepared to deliver a top-of-market living experience. We look forward to welcoming our first residents to their new home.”
Situated at 3405 South Tryon Street near Clanton Road, the community offers prime connectivity to South End, Uptown and Interstate 77. Lower South End is home to an emerging contingent of craft breweries, eclectic coffee shops, live music venues and a wide variety of restaurants, all of which provide residents with a multitude of walkable options.
Modera LoSo, which is built to and pursuing an NGBS Green® Certification at the Silver level, offers studio, one-, two- and three-bedroom homes with den layouts available and a spacious average size of 946 square feet. Community amenities include an elevated resort-style pool with sundeck and cabanas, four distinct outdoor courtyards with grilling areas, fire pit and lounge seating, an eighth-floor indoor and outdoor sky lounge, fourth-floor clubroom with demonstration kitchen, hotel-inspired first-floor lobby with coffee station, onsite pet park and pet spa, game room, conference room, coworking spaces with private workstations, and dual club-quality fitness centers that include spin bikes and a yoga/Pilates studio. Residents will also have access to a secure package room, controlled-access garage parking, controlled guest access technology, EV charging stations, dedicated bike storage and additional resident storage.
Home interiors feature a choice of designer kitchen finishes, oversized windows, stainless steel appliances, quartz countertops, tile backsplashes, hardwood-inspired flooring, custom cabinetry, designer lighting, keyless entry system, spacious bedrooms with large closets and in-home washers and dryers.
Select homes include nine-foot ceilings, large chef’s islands with built-in storage, separate dining areas, dual-entrance bathrooms with pass-through closets, designer bathrooms with double vanities, quartz countertops and backlit mirrors, spa-like soaking tubs, frameless glass showers with tile surrounds, built-in storage and shelving and private patios or balconies.

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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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