Real Estate Veterans Launch PENLER – New Multifamily Firm

Initial GP Equity Commitment is Sufficient to Capitalize $800 Million in Deals

Atlanta (January 23, 2019) – Real estate veterans Brian Metzler and Graham Carpenter have joined forces to establish PENLER, a new multifamily investment platform. The goals of the new company, headquartered in Atlanta, include the acquisition, development and asset management of apartment communities across the Sun Belt. 

Throughout their collective 30+ years in real estate, the co-founders and managing partners have closed more than $5.2 billion in multifamily investments and development comprised of more than 28,000 units across the country. Their resumes include leading some of the largest multifamily deals in Atlanta history. 

“The blend of seasoned development and acquisitions skills coupled with institutional-quality asset management sets PENLER apart,” says Metzler. “This balance, which allows us to capitalize on all phases of the real estate cycle, typically only exists at larger organizations.” 

PENLER’s programmatic general partnership has committed enough capital to complete more than $800 million of multifamily development and acquisitions. 

“With our initial capital relationship finalized, we can focus on scouring our target markets for investment and development opportunities,” states Carpenter.

Carpenter recently left Simpson Housing where he was the Senior Vice President of Acquisitions and led the national acquisition/disposition team responsible for $2.4 billion in transactions across more than 9,000 units during his tenure. 

Most recently, Metzler was Managing Director of Development for Pollack Shores Real Estate Group, where he was responsible for developing more than 10,000 units at a total cost of $1.7 billion. Metzler and Carpenter’s careers overlapped for six years leading their respective divisions at Pollack Shores.

Metzler will lead PENLER’s development efforts. “We are seeking developments in markets with attractive cost basis relative to current value, land in suburban markets seeing rent growth as a result of limited supply, and sites in Opportunity Zones with long-term potential,” Metzler says, adding that he will also focus on fee development opportunities.

Carpenter will lead PENLER’s acquisition division, seeking assets that provide consistent, long-term cash-flow and add sustainability to the overall platform. 

“Many urban markets are experiencing stress due to pockets of over-supply,” Carpenter says. “This creates a unique opportunity to acquire new product for long-term ownership at a discount to replacement cost. Additionally, we are targeting workforce housing – unlocking value through repositioning strategies while maintaining a significant discount to luxury rentals.’’ 

PENLER plans to add a head of asset management, a development lead and chief financial officer later this year.

About Penler

Launched in 2019, PENLER is a full-service multifamily real estate operating platform focused on major metropolitan areas across the Sun Belt. Led by seasoned professionals with deep knowledge of markets and conditions, as well as an expansive vision for seizing new opportunities, PENLER, uses best-in-class investment, development and asset management processes. For more information, visit


Media contact: Terri Thornton 404-932-4347