Transactions - DECEMBER 27, 2019

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Penzance purchases mixed-use investment in Herndon, Va.

by Released

Penzance, an owner, operator and developer in the Washington, D.C., metropolitan region for more than two decades, has closed on the purchase of The Mark, a 169-unit, luxury mixed-use apartment community located steps from the future Innovation Center Metro Station in Herndon, Va.

This announcement marks another value-add acquisition for Penzance’s first real estate private equity fund, The Penzance D.C. Real Estate Fund.

The Mark, located at 2323 Dulles Station Blvd., is centrally located in the burgeoning Dulles Technology Corridor, less than a five-minute walk from the future Innovation Center Metro Station on the Silver Line. It contains more than 15,000 square feet of neighborhood-serving retail, including Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments, as well as a 311-space secure parking garage and a resident-only pool and fitness center. Built to condominium specifications in 2007, the building contains large units, above-

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