HERNDON, VA - Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, has closed on the purchase of The Mark, a 169-unit, luxury mixed-use apartment community located steps from the future Innovation Center Metro Station in Herndon, VA. This announcement marks another value-add acquisition for Penzance's first real estate private equity fund, The Penzance D.C. Real Estate Fund LP (Fund I). Jeff Kim and Allen Manesh of IRG represented Penzance on the off-market transaction.
The Mark is centrally located in the burgeoning Dulles Technology Corridor, less than a five-minute walk from the future Innovation Center Metro Station on the Silver Line. It contains over 15,000 SF of neighborhood serving retail, including Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments, as well as a 311-space secure parking garage and a resident-only pool and fitness center. Built to condominium specifications in 2007, the building contains large units, above-average ceiling heights and high-end finishes.
"The stellar demographics of the submarket, coupled with The Mark's prime location within the rapidly developing Dulles Station transit-oriented community, makes the building an exciting new addition to the Penzance portfolio," stated Cristopher White, Managing Director of Investments at Penzance. "With our acquisition of The Mark, we are continuing the Penzance mission of identifying well-located assets across the metro region where we can enhance the product offering and install best-in-class customer service in an effort to improve the tenant experience."
The Reston/Herndon multifamily submarket has benefited from robust job growth in the technology and defense sectors, strong transportation infrastructure, and access to highly rated school districts.
The Penzance D.C. Real Estate Fund LP (Fund I) closed in October 2018 with total equity commitments of $255 million and expects to target a portfolio size of $800 million to $1 billion of total capital for the fund.