Penzance Closes $255M Private Equity Fund
Penzance expects to target a portfolio size of $800 million to $1 billion for the fund.
WASHINGTON, 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.
To date the fund has closed on two investments and committed nearly 20% of the equity in the fund: ● 1680 Wisconsin Ave., a three-story, 17,398 square foot office in the Georgetown submarket. The property is currently fully leased to four tenants. ● The Highlands, a public/private mixed-use development in Rosslyn, Va. It is breaking ground this month and will have three high-rise towers totaling 1.2 million square feet with 780 rental units, 104 condominium units and 40,000 square feet of retail.
The fund acquired an interest in the property in August 2018.
Penzance will continue to invest in office and residential.