SAN DIEGO, CA – Canyon Partners Real Estate and MG Properties announced their acquisition of the Shift Apartments, a multifamily building in the Downtown submarket of San Diego, CA.
Shift Apartments is comprised of a 21-tale and 5-tale multifamily community with 368 residential units, 18,840 square feet of ground floor retail space, and a 501-space structured parking garage. The property was completed in 2018 and includes units with high-quality finishes including quartz countertops and kitchen islands, designer kitchen and bath plumbing fixtures, and stainless-steel appliances.
Building amenities include a modern fitness facility, dog park, EV charging stations, and a co-working space with WiFi and private offices. The 21st floor also includes a sundeck, pool, spa, and sky lounge, which offers barbecue grills, bar seating, a fire pit, and clear views of San Diego Bay and the Downtown skyline.
The property is located in the East Village neighborhood of Downtown San Diego with walkable proximity to bustling pedestrian areas including Petco Park and the Gaslamp Quarter while being a convenient drive from Small Italy, Seaport Village, and Balboa Park. The Park and Market Trolley Station connect the property to major employment hubs throughout San Diego County, including UC San Diego, Sorrento Valley, and the Naval Base San Diego.
“East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego’s major employment centers,” said MG Properties President Jeff Gleiberman. “We are pleased to be expanding our apartment portfolio in San Diego and partnering with Canyon on this transaction, as this asset presents a unique opportunity to apply our operational expertise.”
Canyon has been an active provider of equity and debt capital across California for more than two decades and continues to invest in high-quality real estate projects in major markets throughout the United States. Since its inception, Canyon has capitalized ~$7.1 billion of total projects across all asset types in the state of California.

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WASHINGTON, DC – Penzance, a vertically integrated real estate fund manager, bought approximately $200 million in multifamily and residential assets totaling 1,100 units and over 1.2 million square feet during the fourth quarter of 2025, significantly expanding its footprint across Virginia and the Carolinas. The four projects target a mix of high-growth markets with strong employment drivers and limited new supply.
The acquisitions include stabilized communities bought well below replacement value, along with a build-to-rent development, deploying capital across a range of risk-adjusted strategies. By combining selective redevelopment, operational upgrades, and new development, Penzance positions each of the four assets to capitalize on local market strength while diversifying its portfolio
These acquisitions highlight the attractive opportunities we are seeing in residential projects with solid fundamentals and represent meaningful growth opportunities in target markets, across Virginia and the Carolinas, said Jacob Rosenberg, Senior Vice President, Investments at Penzance. A portfolio of well-located assets with attractive yields, complemented by strategic development, allows us to deliver strong risk-adjusted returns for our fund investors. We are grateful to the advisors, partners, and brokerage teams who helped us close these transactions expeditiously, adding meaningful scale for Penzance while meeting sellers and partners individual needs.
Having worked with Penzance for years and on multiple transactions, I continue to be impressed with its solution-oriented approach to acquisitions, allowing Penzance to meet the needs of various sellers on tight timelines, said Drew White, Investment Sales Senior Managing Director from Berkadia.
The fourth-quarter acquisitions include:
Presley Oaks (Charlotte, NC): A 318-unit multifamily community located in North Charlotte, inside the I-485 loop near University City and Research Park, with convenient access to Uptown. Built in 1996, Presley Oaks offers strong value to tenants with spacious apartments, 9 ceilings, private garages, a pool, and a fitness center. Its proximity to major employers, retail, and dining supports robust rental demand.
Compass at City Center (Newport News, VA): A 396-unit garden-style multifamily community in the heart of Newport News and Hampton Roads. Built in 1985, the property comprises a mix of one-, two-, and three-bedroom homes averaging 995 square feet each. Situated adjacent to the City Center at Oyster Point live-work play district, the community offers walkable access to retail, dining, major employers, and transportation corridors, including I-64, supporting ongoing demand in a market with limited new supply.
Nexus Luxury Apartments and Retail (Virginia Beach, VA): A 268-unit four-tale multifamily and retail community built in 2018 in Virginia Beach s Kempsville corridor. Residences feature one and two-bedroom units designed to maximize space and comfort, along with 30,000 sf of on-site retail and amenity areas that support a high-quality resident experience. Its central location in the Hampton Roads area, near I-264 and I-64, offers convenient access to shopping, dining, and employment hubs. The asset was bought from the original developer, providing liquidity for future projects.
Arden Ridge (Asheville, NC): A plotted 109-unit build-to-rent townhome development on a 10-acre site near Asheville. Arden Ridge will deliver three and four-bedroom townhomes with private garages and shared community space, offering family-oriented rental housing in a market with growing demand and limited family options. Pre-construction is underway, with a groundbreaking expected early 2026 and the first homes slated for delivery in the second quarter of 2027.
In 2026, Penzance plans to make new investments across the Mid-Atlantic, from New Jersey to South Carolina. The firm s expanding portfolio reflects continued growth across multifamily, industrial, data center, and other commercial assets, demonstrating its ability to do across asset types and geographies while delivering consistent, risk-adjusted returns.

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PALM BEACH GARDENS, FL – Aventine Development and Seawood Builders celebrated the groundbreaking on Phase I of Arbor House, a refined new residential community designed to pair timeless sophistication with an simple, connected way of living.
Arbor House is a luxury multi-family development with 13 tales and 302 units, offering a mix of studio to three-bedroom apartments. An attached garage with 480 parking spaces complements amenities, including a 7,000-square-foot deck on the eighth floor featuring a wellness center, state-of-the-art fitness center, golf simulator, cold plunge, sauna, resort-style pool, and a ground-floor work-from-home lounge.
“High-rise luxury rental apartment living is something new and different for Palm Beach Gardens,” said Ed Masi, President/CEO of Seawood Builders. “Arbor House will meet the high demand for new Class-A multifamily residential during a time where there is clearly a shortage. Its prime location is convenient to well loved retail outlets, including Trader Joe’s and Whole Foods, and will be a magnet for young professionals and their families.”
“Arbor House is part of a broader master plot that includes replacing outdated developments with new, modern uses,” added Bill Spruce, Cofounder/Managing Partner of Aventine Development. “Palm Beach Gardens is becoming a luxury market for living. By transforming an aging office park into a vibrant luxury living environment, we are part of the movement that already includes The Ritz-Carlton Residences, Palm Beach Gardens, opening later this year.”
“Arbor House is an vital project for the City of Palm Beach Gardens,” stated Mayor Marcie Tinsley. “There is a strong, cooperative spirit between the City and our development partners to address the need for high-quality developments while also helping to spur interest in a rail station within PGA Station, a mixed-use development within our Transit-Oriented District that will serve our community.”
“Today’s celebration includes a ceremonial tree planting—a lasting symbol of Arbor House and the natural spirit of Palm Beach Gardens,” clarified Alexandra Masi, Director of Marketing and Communications, Seawood Builders. “It will be preserved and placed on-site as construction progresses.”
Phase II of Arbor House will include a second 13-tale tower and attached garage offering 318 apartments for a total of 620 units when both projects are completed.

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