Penzance Closes Its First Private Equity Fund With $255M Raised
The development and management firm announced Wednesday it closed on its first real estate private equity fund in its 22-year history with $255M in total investment.
The fund, the Penzance DC Real Estate Fund L.P., plans to target mixed-use development and value-add investment projects throughout the D.C. region with a total portfolio size of $800M to $1B. The fund has already committed nearly 20% of its equity into two developments.
In August, the fund acquired an interest in The Highlands, the 1.2M SF development Penzance is moving forward with in West Rosslyn. The project, which began site work this summer, will have 780 rental units, 104 condos and 40K SF of retail across three high-rise towers. The fund also invested in a three-story office building at 1680 Wisconsin Ave. NW in D.C. that is 100% leased to four tenants.
"We intend to continue investing with many of our long-standing partners, to whom we owe so much of our success, by utilizing the Fund's ability to make general partner investments," Penzance co-founder Julia Springer said in a release. "The Fund builds on our performance over 22 years of adding value through local expertise and intensive operations in the Washington DC region."