Penzance

Penzance is a fully integrated real estate investment and development firm based in Washington, D.C., with a focus on the Mid-Atlantic region. Since its founding in 1996, the firm has committed over $3.9 billion in gross asset value to real estate through partnerships with institutional investors, separate accounts, joint ventures, and manages $1.0 billion of discretionary capital through its flagship fund series Penzance Real Estate Funds I, II, and III. Penzance's portfolio includes a diverse range of assets, such as multifamily, industrial, data center, and other commercial properties. The firm's vertically integrated platform encompasses acquisitions, development, construction, leasing, asset and property management, capital markets, fund management, and finance and accounting. This comprehensive approach enables Penzance to create extraordinary value for its investors, partners, and the communities it serves.

Penzance's investment strategy focuses on value-add opportunities, targeting properties that can benefit from strategic enhancements and repositioning. The firm leverages its deep local knowledge and extensive relationships to source more than 50% of its investments off-market, allowing it to identify and exploit market inefficiencies. This approach has led to a track record of success, with a realized equity multiple of 1.7x and a realized internal rate of return (IRR) of 22.2%. Penzance's commitment to corporate responsibility is evident in its environmental stewardship initiatives, leadership in governance, and dedication to community engagement.

The firm's notable projects include the development of One Rosslyn, a transformative mixed-use development in Arlington, Virginia, featuring over 970,000 square feet of multifamily apartments, residential condominiums, and retail space. Penzance has also expanded its industrial portfolio with the acquisition of Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, Virginia. Additionally, Penzance has a dedicated data center investment arm, Penzance Digital Infrastructure, which focuses on sourcing, zoning, leasing, acquiring, and developing hyperscale facilities in critical fiber markets. This expansion into data centers underscores Penzance's adaptability and commitment to meeting evolving market demands.

Penzance's founder-led, woman-owned firm is recognized for its entrepreneurial and flexible approach, emphasizing rigorous investment analysis and risk management. The diverse team brings a blend of entrepreneurial drive and institutional knowledge, working collaboratively to apply a diverse range of ideas to achieve uncommon results. This approach has established Penzance as one of the premier owners, operators, and developers of institutional-quality real estate in the Mid-Atlantic region, with a 27-year track record of success and a best-in-class institutional investor base.