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Penzance snags 1,100 units in Virginia, North Carolina

Penzance bought four apartment properties totaling 1,100 units in Virginia and North Carolina, significantly expanding its footprint across the region, the Washington, D.C.-based owner, operator, developer and investor announced in a Jan. 15 press release shared with Multifamily Dive. The firm made the purchases, totaling $200 million, in the fourth quarter of 2025.

Herndon just marked a milestone in the small town’s history

PZRE2019-11-26T00:49:56+00:00April 17th, 2019|Alex Koma|Washington Business Journal|

Herndon officials just approved the town’s first new mixed-use development near the future Herndon Metro station, a major step for growth along the path of the Silver Line’s expansion.

The Town Council voted unanimously last week to sign off on development plans for a 4.3-acre property at 555 Herndon Parkway. D.C. developer Penzance is looking to replace the current office building with two residential towers and one office building, all of which will include ground-floor retail.

Unizo sells Capitol Hill office building for $24 million less than it paid for it

PZRE2019-11-26T00:49:56+00:00March 26th, 2019|Daniel J. Sernovitz|Washington Business Journal|

An affiliate of Unizo Holdings Co. Ltd. has sold a 12-story office building in Capitol Hill for $24.5 million less than it paid for the property less in 2016.

The Tokyo-based real estate investor sold 50 F St. NW Tuesday for $85 million to an affiliate of Penzance Cos., according to the D.C. Recorder of Deeds. Unizo bought the 266,907-square-foot building in fall 2016 for $109.5 million as part of a larger buying spree. The sales price amounts to roughly $318 a square foot.

Here’s what Penzance has planned for 555 Herndon Parkway

PZRE2019-11-26T00:49:56+00:00February 2nd, 2019|Katie Arcieri|Washington Business Journal|

For years, District-based Penzance has planned a three-building mixed-use development on company-owned land near the Herndon Metro station.

Now, we have a better understanding of what the project at 555 Herndon Parkway will look like.

Penzance is out with new renderings for its proposed office, retail and residential development across a 4.3-acre site one-tenth of a mile from the Metro entrance.

New condos and apartments in Arlington County could draw Amazon HQ2 workers

penzancesite2019-08-14T21:04:14+00:00November 27th, 2018|Michele Lerner|The Washington Post|

A condo development that was already in the pipeline in Arlington County, Va., might get an uptick in interest from people seeking to relocate to the Washington area for Amazon’s second headquarters in Crystal City.

Construction is underway at the Highlands, a residential and retail community around 1555 Wilson Blvd. When completed, which is anticipated to be in 2021, the Highlands will include three residential high-rise towers, a new fire station, a new street, 50,000 square feet of amenity space, 40,000 square feet of ground floor retail space and a newly redeveloped Rosslyn Highlands Park.