Virginia Mixed-Use Building Changes Hands
- Jan 03, 2020
Penzance has acquired The Mark, a luxury mixed-use apartment community in Herndon, Va. The 169-unit property is situated along the emerging Dulles Technology Corridor at 2323 Dulles Station Blvd., within a five-minute walk of the future Innovation Center Silver Line Metro Station in Herndon.
Opened in 2007 after being constructed to condominium-level specifications that included large floorplans and high-end finishes, The Mark currently has an occupancy of 96.4 percent. Featured are one-, two- and three-bedroom apartments measuring 728 to 1,556 square feet in size. Monthly rental rates in 2019 ranged from $1,603 to $2,386, for an average of $1,849.
Apartments feature washer/dryers, vaulted ceilings, microwave ovens, individual air conditioning and high-speed Internet access. Noteworthy amenities include a resident-only fitness center.
The Mark also serves the neighborhood around it by incorporating more than 15,000 square feet of retail shops and restaurants. Among them are Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. Also included in The Mark is a 311-space secure parking garage.
The combined multifamily market of Herndon and its neighbor to the east, Reston, have been the beneficiary of strong employment expansion, particularly in the defense and technology sectors. The market also benefits from robust transportation infrastructure and access to top-rated school systems. Reston recently witnessed the groundbreaking of another mixed-used property, Halley Rise. Its first phase is slated for early 2022.
IRG’s Jeff Kim and Allen Manesh represented Penzance in the off-market acquisition. The firm’s initial foray into real estate private equity funds, the Penzance D.C. Real Estate Fund LP (Fund I) closed in October 2018 with $255 million in total equity commitments. The fund expects to target a portfolio size of $800 million to $1 billion of total capital.