Launched a separate account with a large public retirement system with a $105 million commitment to acquiring value-add office assets. The venture acquired 4001 N. Fairfax and Courthouse Place, two office buildings located in the infill Rosslyn-Ballston Corridor within the next year. Penzance continued its multifamily portfolio expansion with the acquisition of Stone Pointe Apartments, a newly constructed 288-unit luxury community located in Woodbridge, VA.