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Source: Penzance Acquires Reston MF for $52M

WASHINGTON, DC—Property records indicate that the developer also recapitalized 1500 Wilson Blvd. in Rosslyn for $92.5 million, selling a 95% stake to Dune Capital Management in New York City.

By Erika Morphy | erikamorphy | | Updated on May 24, 2016
Sunset Corporate Plaza I & II Sunset Corporate Plaza I & II
WASHINGTON, DC—Local property owner Penzance appears to be doubling down on its investments in Reston, VA, namely its acquisitions of Sunset Corporate Plaza I & II in 2014 for $22.6 million and Parkridge IV in 2013 for $21.5 million. Now, the company is acquiring a multifamily property in Reston, Va., for $51.8 million, according to a source. Penzance did not respond in time to a request for comment from GlobeSt.com. The multifamily property it has acquired, for $51.8 million, is Colvin Woods, located at 11012 Becontree Lake Dr. It last traded for $40 million in November 2006. The seller is Ross Development and Investment, which also did not respond to a request for comment. It appears that Penzance also recapitalized 1500 Wilson Blvd., for $92.5 million, with a 95% stake sale to Dune Capital Management in New York City.  GlobeSt.com learned in the summer of 2015 that the building was being marketed and asked Penzance for comment at that time and in subsequent emails. We will update this story if we learn anything new.

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