We’re experts in creating value for our investors, real estate partners, and the communities we serve.
Penzance has deployed a winning strategy for the last 23 years. We pursue undervalued assets in complex situations as well as select development opportunities where we can apply our deep market knowledge and operational expertise to achieve superior value for our investors, partners, and community.
Our investment strategies are built on the foundation of three core principles: sourcing opportunities using established relationships and local market knowledge; a focus on risk mitigation and an entrepreneurial approach to creative and agile problem-solving related to the leasing, financing, and structuring of transactions; and a fully-integrated platform and proactive management style.
These principles reflect the knowledge gained through successfully navigating ever-changing real estate cycles.
The Penzance DC Real Estate Funds
Fund I is a $255.0 million closed-end fund vehicle targeting value-add and development multifamily, industrial properties, mixed-use and office investments located in the region. It closed to new investors in 2018 after receiving commitments from a diverse mix of 16 premier institutional investors, including foundations, endowments, and a family office.
Fund II is a $345.5 million closed-end fund vehicle also targeting value-add and development multifamily, industrial properties, data centers, mixed-use and office investments located in the region. 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 premier institutional investors, including foundations, endowments, public and private pension funds, a family office, a large museum system, and a sports pension fund.
Institutional Joint Ventures
Penzance has a deep history of partnering with best-in-class institutional investors. These joint venture partnerships provide valuable insight and perspective that has been instrumental to our shared success. We structured our fund vehicles to enable participation by non-fund institutional partners to embrace these strategic alignments and provide access to larger transactions and increased diversification to our fund investors.
We leverage our local relationships and an exceptional understanding of diverse market drivers to uncover unique opportunities:
- Federal and State Agencies
- Law Firms
- Private Sector
Risk mitigation is ingrained in our corporate ethos. We pride ourselves on the strength of our due diligence efforts, performing extensive physical and environmental studies for each new investment opportunity. We scrutinize and structure the terms of each loan, lease, joint venture and purchase agreement to minimize exposure for our investors, and as a rule, we only invest in assets with multiple paths to value creation, avoiding binary situations, and investments reliant on broad market upside.
As a firm rooted in operational excellence, we closely manage the entire lifecycle of our assets—from tenant relations, property management and engineering to asset management, financing and dispositions. We are collectively committed to providing superior service and results to our tenants, partners, and investors.