ARLINGTON, VA-Penzance is building out its footprint in this submarket with another multifamily acquisition--Wayne Street Apartments. It was represented by Cassidy Turley's Christopher Doerr and Rachel Ley. The seller was a local multifamily owner.
Penzance acquired the neighboring Myerton apartment community last October and then began looking for nearby assets to leverage its existing investment. Cassidy Turley says Penzance plans to make additional investments in this market, through its Pinafore multifamily platform. "With Arlington's neighborhoods full of smaller apartment buildings, Pinafore and Cassidy Turley plan to continue the acquisitions until Pinafore has the most beneficial economies of scale," Ley says in a prepared statement.
After renovating the Wayne Street Apartments, Pinafore expects it will increase rents at the property and begin incorporating the units into the Myerton community. Wayne Street Apartments' tenants will gain access to the Myerton's amenities.
"Our approach is to create value through operational synergies and establish a competitive advantage in the market by offering tenants access to amenities not otherwise available," said Frank Small, Chief Investment Officer of Penzance, in a prepared statement.
The Wayne Street Apartments were developed in 1940 and consist of four two-story buildings near 100% occupancy.
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