The HighlandsWASHINGTON, DC–Local developer Penzance is moving afield with the closure of its first real estate private equity fund: the Penzance DC Real Estate Fund LP, which has total equity commitments of $255 million.
The fund's investor base includes institutional investors, including endowments, foundations, and family offices. It will target value-add investments in residential and commercial properties and mixed-use development throughout the Washington, DC metropolitan region.
Penzance expects to target a portfolio size of $800 million to $1 billion for the fund. The fund can invest directly or as a general partner in joint ventures with other institutional partners, which should provide increased diversification and buying power.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
