WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it represented locally based Penzance in its acquisition of the Wayne Street Apartments in Arlington, VA. Cassidy Turley Managing Director Christopher Doerr and Associate Vice President Rachel Ley represented Penzance in its transaction with a local multifamily owner.
Penzance’s Pinafore multi-family platform purchased the Wayne Street Apartments to leverage off of the foothold it gained in October 2012 with the purchase of the neighboring Myerton apartment community. Following Pinafore’s purchase of the Myerton, Cassidy Turley and Pinafore worked together to acquire a neighboring community. Cassidy Turley leveraged its relationship with the owners of the Wayne Street Apartments to negotiate a mutually beneficial transaction for both parties.
“The Wayne Street Apartments represent one of many acquisitions that Pinafore plans throughout Arlington County,” Ms. Ley said. “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.”
The Wayne and 2nd Street acquisition is the next in a series of Arlington transactions in Pinafore’s expanding multi-family platform, and, after renovating the Wayne Street Apartments, Pinafore will be in a position to significantly 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 including a landscaped courtyard surrounding a swimming pool, state-of-the-art fitness center, on-site laundry facility, leasing office and on-site management.
“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.
The Wayne Street Apartments, constructed in 1940, consists of four two-story buildings consistently near 100% occupancy. The Wayne Street Apartments are conveniently located in the center of Arlington, just minutes away from downtown Clarendon, the Pentagon and Lyon Park.
Penzance is a private equity real estate investment company that owns, develops and manages commercial and residential properties. The company focuses on investment grade real estate opportunities in the Mid-Atlantic region and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit http://www.penzco.com/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.