Penler acquired Presley Uptown in September 2019 a 230-unit, luxury podium-style apartment property located in Uptown Charlotte.
After construction completed in 2016, Presley suffered from the 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 deal for the purchase of the asset.
Penler purchased the property below replacement cost and budgeted for significant enhancements to the common areas and light upgrades in the units during the 2nd and 3rd year of the projected hold period.