Penzance is under contract to sell the development site of a 22-story apartment building in Ballston.
Penzance rezoned the site of the Ballston bar for high-rise residential, and now, the DC-based firm expects to close this quarter on the sale of the site to Jefferson Apartment Group, two sources tell Bisnow.
With its partner, Lionstone Investments, Penzance retained MAC Realty Advisors to help sell the site. To boost its value, the JV received approval to build a 330-unit apartment building. Jefferson Apartment Group plans to go ahead with those plans, including retail on the ground floor, a source tells Bisnow.
The price of the sale has not been disclosed, but land records estimate its value at $27.2M.
Penzance and Lionstone also acquired the adjacent Webb Building in 2014 with plans to rezone the office property to residential and redevelop it into a 22-story, 362-unit residential building.
