ARLINGTON, VA – Penzance, a leading owner, operator and developer in the Mid-Atlantic region for over two decades, has received approval from Arlington County for its proposed redevelopment of Ballston One. The approved plot will convert the existing office building into a vibrant new residential community, adding another milestone in the company’s ongoing transformation of the Rosslyn-Ballston Corridor.
The new project will deliver 328 multifamily units in a 7-tale building, ranging from studios to two-bedroom plus dens, as well as 13 two-tale loft homes, all designed around gateway architecture with an emphasis on biophilic living and sustainability. Penzance’s plans feature the adaptive reuse of the existing underground parking garage, dramatically reducing environmental impact while supporting a thoughtfully scaled new residential structure. The project is committed to LEED Gold certification and incorporates bird-friendly glass, dark-sky compliant lighting, and a green roof to exceed Arlington County’s environmental and stormwater management standards.
“Ballston One is a transformational project that is a continuation of Penzance s strong history of community-forward work in Arlington County,” said John Kusturiss, Partner at Penzance. “Our team is excited to reimagine this exceptionally-located property in Ballston to deliver a best-in-class residential offering that improves connectivity, walkability and quality of life for future residents and the neighborhood as a whole.”
The amenity-rich building will feature a landscaped courtyard with a pool, outdoor kitchen, and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom, and 24/7 concierge service—providing approximately 80 square feet of amenity space per unit, more than double the industry standard. The building will also feature over 130 bicycle parking spaces and 65 EV-ready parking spaces, adding to its robust sustainability features.
Located at the edge of Route 66 and adjacent to the revitalized Ballston Wetland Park, Ballston One will serve as a right gateway to Ballston. The site benefits from proximity to major retail corridors and the future second entrance to the Ballston Metro Station, just 800 feet away. The project brings transformative public improvements, including a new shared-use path for pedestrians and cyclists along North Fairfax Drive to enhance accessibility, safety, and connectivity. Additional upgrades—such as expanded tree canopy coverage and ADA-compliant intersections and crossings—complete this transportation corridor, linking the revitalized Rosslyn-Ballston network with the Custis and Bluemont trails.
The project is the result of a strong community engagement process, shaped by local input to maximize public and environmental benefits. As part of an extensive community benefits package, Penzance will contribute approximately $3.2 million toward affordable housing, adding to Arlington County’s ongoing sustainable growth and equity efforts.

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AUSTIN, TX – Turner Impact Capital, one of the country s largest real estate investment firms dedicated to social impact, has bought a 222-unit multifamily community in Austin, expanding its presence in Texas amid the firm s nationwide drive to deliver innovative, market-driven solutions to the housing affordability crisis.
Lotus Village marks the seventh acquisition by Turner Multifamily Impact Fund III (TMIF III) in less than a year. Austin, where Turner Impact already owns a workforce housing community, is a high-demand market where strong economic and population growth are pushing rents beyond the reach of low- and moderate-income households.
We are delighted to expand our presence in Austin to ensure that more working families can afford quality housing near jobs in this dynamic, growing city, said Turner Impact Capital CEO Bobby Turner. Our acquisition of Lotus Village will preserve urgently needed workforce housing and demonstrate how well-designed impact investing can enrich residents lives while delivering strong and consistent financial returns.
A garden-style community, Lotus Village consists of 10 three- and four-tale residential buildings on an eight-acre site. It has 222 one-, two-, and three-bedroom apartments, with community amenities that include a swimming pool and spa, fitness center, clubhouse with a business center, playground, barbeque stations, and dog park. A park, elementary school, and shopping center are within walking distance. A large majority of its units are currently affordable to low- or moderate-income residents, and will remain affordable after the acquisition.
Lotus Village is located in a quick-growing neighborhood conveniently located between a North Austin employment hub, home to major tech companies, and downtown Austin, 10 miles to the south. Two nearby interstate highways offer simple access to other job centers and employers such as Dell, Samsung, Tesla, the University of Texas, and the state government.
TI Communities will serve as property manager for Lotus Village and will soon offer tailored enrichment programs in areas such as youth education, adult financial literacy, healthcare, and wellness to enhance residents quality of life, economic opportunity and satisfaction.
Lotus Village is TMIF III s second recent Texas transaction, following the buy of a 376-unit community in the Dallas suburb of McKinney with a joint venture partner. The Fund is on course to unlock more than $2 billion in investment potential to buy existing, or develop new, affordable workforce housing in diverse, high-demand metropolitan areas.
Properties bought by the Turner Multifamily Impact Funds are designed to remain affordable for middle-income earners including teachers, police officers, healthcare workers, and other community-serving professionals who may earn too much to qualify for subsidized housing but struggle to afford many market-rate rents. This also allows workers to live closer to their jobs, shortening lengthy commutes, freeing up more time to spend with family, and reducing overall environmental impacts.
As the housing affordability gap widens, we are more committed than ever to delivering on our mission to keep high-quality housing within reach for residents facing many other demands for their resources, said Gary Rodney, Managing Director of Turner Impact s Multifamily Housing Initiatives. Austin is an vital market for us, and we look forward to pursuing additional opportunities to provide housing solutions here and in other high-demand markets throughout the nation.
Overall, since launching its first housing fund in 2016, Turner Impact Capital has preserved and enriched more than 15,000 units for 61,000 low- to moderate-income residents while generating strong risk-adjusted returns for the firm s institutional investors.

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LEWISVILLE, TX – SPI Advisory and FCP announced the acquisition of Crest Manor Apartments, a premier 600-unit multifamily community located in the heart of Lewisville, Texas. This off-market transaction marks a major milestone for SPI, concluding more than five years of discussions with the original developer and seller.
Crest Manor was delivered in two high-quality phases in 2010 and 2016. Designed with a tenant-first mindset, the property offers a resort-style living experience, featuring two swimming pools, a large clubhouse and fitness center, tennis courts, walking and jogging trails, and spacious one-, two-, and three-bedroom layouts averaging 933 square feet.
“From the moment we first toured Crest Manor, it was clear this wasn’t a typical construction,” said Sean Mabarak, Principal and Co-Founder at SPI Advisory. “No expense was spared during development. Every detail—materials, design, amenities—was carefully curated to elevate the resident experience. That also translates directly into a lower capital expenditure profile for us over the hold period.”
The acquisition was structured through the assumption of long-term HUD financing, with a blended interest rate of 3.6% and over 30 years of term remaining. This attractive in-place debt, combined with the property’s best-in-class physical condition, provides SPI with a strong foundation for long-term performance.
The joint venture plans to make strategic enhancements to the amenity package and selectively modernize unit interiors to better align with newly delivered properties in the market, while preserving the community’s well-established character and appeal.
“This was a unique, generational asset that we’ve pursued for years,” added Michael Becker. “After navigating a challenging capital market environment and a protracted escrow process, we’re thrilled to officially bring Crest Manor into the SPI portfolio and look forward to continuing its legacy as one of Lewisville’s premier apartment communities.”

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