The Mark in Herndon, VA
HERNDON, VA – Owner, operator and developer, Penzance has purchased a 169-unit, mixed-use multifamily community in Herndon, Virginia.
The luxury apartment asset, The Mark, encompasses more than 15,000 square feet of retail, a 311-space parking garage, a resident-only pool and a fitness center.
Built in 2007, the acquired property is located at 2323 Dulles Station Boulevard in the Dulles Technology Corridor. The property is situated near the future Innovation Center metro station on the Silver Line.
The recent investment serves as a value-add acquisition for the firm's first real estate private equity fund, The Penzance DC Real Estate Fund LP (Fund I). The fund closed in October 2018, comprised of $255 million in total equity commitments. The firm expects to target a portfolio size of $800 million to $1 billion in total capital through the fund.
IRG's Jeff Kim and Allen Manesh represented Penzance in the off-market transaction.
Penzance intends to continue its mission to identify well-located, value-add opportunities within the area, to add to its portfolio.
Real estate investment company, Penzance serves as an investor, operator and developer within the Washington DC metropolitan area.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
