A growing body of research has identified teacher residency's potentials for improving and sustaining preservice teacher learning through a stronger district-university partnership. Drawing on sensemaking perspectives on education policy implementation, this qualitative case study examines how a variety of university and district stakeholders make sense of and implement a state-mandated teacher residency in Louisiana. Findings reveal that stakeholders are primarily making sense of the residency in isolation, leading to incoherent understandings and varied implementation practices. Opportunities to improve stakeholders' collective sensemaking and collaborative implementation and to optimize the benefits and potentials of teacher residency partnerships are discussed. This study has implications for teacher education policy implementation and continuous inquiry into the complexities of teacher preparation.