Penzance Announces New Acquisition of Arlington Apartment Community Jasper Columbia Pike

The Nine-Floor Apartment Community Adds to Penzance's Substantial Mid-Atlantic Portfolio

WASHINGTON, Aug. 21, 2023 /PRNewswire/ -- Penzance, a leading owner, operator and developer in the Mid-Atlantic region for over two decades, announced the acquisition of Jasper Columbia Pike in Arlington, Virginia, a 269-unit multifamily property formerly known as Avalon Columbia Pike. The addition of Jasper Columbia Pike to Penzance's residential portfolio increases the company's substantial array of residential offerings and furthers its position as a leading owner in the region. The investments sales team that brokered the transaction was Northmarq's Mid-Atlantic investment sales team, comprised of Chris Doerr, Will Harvey, and Shack Stanwick. Jasper Columbia Pike is now professionally managed by Greystar following the acquisition.

"Penzance is excited about the newest addition to our robust portfolio, Jasper Columbia Pike," said Cristopher White, Managing Director Investments of Penzance. "We continue to grow our presence in Northern Virginia and are excited to provide best-in-class spaces for our tenants. This property enjoys excellent access to the major employment centers of Arlington and delivers high end lifestyle amenities for the residents."

The spacious, upscale homes within Jasper Columbia Pike, ranging from studios to one- and two-bedroom apartments, offer residents dynamic spaces equipped with full-size in-unit washers and dryers, stainless steel appliances, wood-style flooring, black granite countertops, floor-to-ceiling windows and balconies/patios in select units.

The high rise offers in-demand, staycation-style resident amenities including a golf simulator room, resort-style pool with cabanas, spacious outdoor courtyard with BBQ grills, pool and shuffleboard tables, clubhouse and business center, fitness center with cardio and strength training equipment, and more. Photos of the community can be found here.

Jasper Columbia Pike is located at 1028 S Walter Reed Drive off the Columbia Pike with easy access to the I-395 highway and Regan National Airport. The desirable location provides connectivity to regional employment hubs such as National Landing, the Rosslyn-Ballston Corridor, Tysons Corner, and Downtown Washington, DC. The community has nearly 27,000 square feet of fully leased retail space, as well as a convenient range of dining, shopping, and entertainment options all within walking distance.

For more information about Jasper Columbia Pike, please visit jaspercolumbiapike.com.

About Penzance
Penzance is a fully integrated real estate owner, operator, and developer with a best-in-class institutional investor base.  We have an over 25-year track record of success investing across the Mid-Atlantic region in multifamily, industrial, data center, and other commercial assets.  Penzance has committed over $3.7 billion of gross capital during our history and, today, manages over $600 million of discretionary capital through multiple fund vehicles.  Penzance is woman-owned and ESG focused, with an experienced and diverse team that takes an entrepreneurial and flexible approach, exercising relentless risk management.  As a fully integrated real estate investment platform, our core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, and fund management.

SOURCE Penzance