Closed on the Penzance DC Real Estate Fund ll a $345.5 million closed-end fund vehicle targeting value-add and development office, multifamily, industrial properties, data centers and mixed-use investments located in the Washington, DC metropolitan area. It closed to new investors in 2021 after receiving commitments from 13 of the 16 investors in Fund I and 7 new investors for a diverse mix of 20 premier institutional investors, including foundations, endowments, public and private pension funds, a family office, a large museum system, and a sports pension fund.
The Highlands development achieved substantial completion and successfully refinanced on December 30, 2021.
The Highlands is a 1.2 million square foot neighborhood-defining mixed-use development project located in the Rosslyn submarket of Arlington, Virginia. Designed as three distinct towers connected by a single below-grade parking structure, the project contains 786 high-end rental units, 104 luxury condominium units, and Class A retail. The Aubrey (455 rental units) opened in June and Evo (331 rental units) opened in August. The Pierce (104 condominiums) opened in September.
The Mark at Dulles Station mixed-use residential complex was sold after substantial value creation.
Acquired a 325,150 square foot, 350-tenant multi-family property located next to the Manassas Park Station of the Virginia Railway Express (VRE), providing direct access to downtown Washington, DC, and National Landing, future home to Amazon HQ2. Constructed in 2004, Manassas Yards features spacious floor plans, a swimming pool, game room, grill area, clubhouse, dog park and pet washing station, detached garage and storage, picnic area and business center.
Acquired Hagerstown Crossroads at I-81, an 825,000 square foot, fully-entitled industrial development site one mile from the intersection of I-81 and I-70 in the Hagerstown logistics micro-market of Williamsport, MD. The I-81 corridor provides freight trucking reaching over 50% of the U.S. population within an overnight drive. The investment presents the opportunity to capitalize on the exponential increase in demand for e-commerce and logistics distribution centers driven by changing shopping habits and the repatriation of supply chains, accelerated by the pandemic.