Presley was constructed in 2016 and suffered from consistent new supply delivered in the Uptown submarket over the next several years. After a failed marketing effort in Q3 2018, Penler tracked the property’s performance through the first half of 2019 while remaining in constant contact with the developer. Once submarket and property level performance aligned with seller’s value expectations, Penler successfully negotiated an equitable off-market transaction and purchased the 230-unit, luxury podium-style apartment property in September of 2019.
Surging population and job growth in the Charlotte MSA led to strong demand for Presley Uptown. In the year leading up to sale, lease trade-outs averaged 26% above previous leases. Penler infused nearly $1 million of renovations into the project with upgrades to the clubhouse, pool, sky lounge and units.
In November of 2022, Penler’s equity partner, a core open ended fund, purchased PENLER’s interest in the property for a 1.31 project multiple and IRR of 18% on their equity.