Investment Analyst
The Firm
Penzance is a fully integrated real estate investor, owner, operator, and developer with an institutional investor base. Founded in 1996, the firm has invested across the Mid-Atlantic in multifamily, industrial, data center, and other commercial assets. Penzance has committed over $4.5 billion of gross capital and today manages over $1 billion of discretionary capital across multiple fund vehicles.
Penzance has been a leader in the Washington, DC real estate market for three decades. The firm is built around close collaboration across teams, a holistic approach to investing, and a genuine commitment to the professional development of the people who work here.
Additional information about Penzance’s portfolio and strategy is available on https://www.pzre.com/
Position Overview
The Investment Analyst supports the underwriting, execution, and ongoing management of Penzance's investments across acquisitions, development, asset management, and capital markets. Analysts underwrite live transactions early in their tenure and work directly with senior investment professionals.
The position offers direct exposure to institutional real estate investment in the Mid-Atlantic and is structured to develop the financial modeling, market research, presentation, and relationship-building capabilities required for a long-term career in real estate private equity.
Roles and Responsibilities
- Underwrite acquisition and development opportunities through complex financial analysis, including discounted cash flows, sources and uses, promoted and carried interests, and scenario and sensitivity analysis
- Perform valuations, sell/hold analyses, leasing analyses, and other critical investment decision analyses on new and existing investments
- Prepare memoranda for the Penzance decision-making committees and for prospective partners
- Leverage AI tools to accelerate research, underwriting, and diligence workstreams, and to build lightweight tools that improve the team's analytical speed and quality
- Prepare development budgets and track them against actual capital deployed through the development period
- Support site evaluation, including land assemblage economics, entitlement and zoning risk, utility and infrastructure availability, and the schedule assumptions that drive returns
- Conduct site inspections and market tours throughout the Mid-Atlantic
- Direct third-party diligence across legal, environmental, engineering, and title workstreams, assessing findings and determining which issues bear on underwriting, valuation, or closing risk
- Assist with arranging and closing debt financing for acquisitions and refinancings
This role may be assigned other duties, as required, and the activities, duties, and responsibilities of this role may change at any time, with or without notice.
Qualifications
- Ideal candidate is a near-term or recent recipient of a bachelor's degree from a competitive undergraduate institution, with a strong academic record
- Strong quantitative and analytical capability, with sound commercial judgment
- Excellent written and verbal communication skills
- Demonstrated attention to detail and accuracy while working under transaction deadlines
- Ability to prioritize competing workstreams across multiple live transactions
- Ability to work independently and collaboratively within a transaction team
- Demonstrated interest in building a long-term career in real estate private equity
- Fluency with AI tools, including the ability to build custom tools that accelerate analytical workstreams
- Proficiency in Microsoft Excel required; experience with ARGUS Enterprise preferred
Practical Requirements
- Willingness to relocate to Washington, DC. This position is based in the firm's DC office and is not remote
- Availability to travel for site inspections and market tours