Published in Multi-Housing News, August 24, 2020
Pantzer Properties has acquired The Point at Palisades, a luxury apartment community in the Washington, D.C. suburb of Manassas Park, Va. Oxford Properties was the seller of the 304-unit transit-oriented property. Berkadia’s Washington, D.C. metro office represented the seller in the deal. According to Yardi Matrix, the community was purchased for $71 million and was subject to a $55 million Freddie Mac loan. The asset has been rebranded from its previous name of Palisades at Manassas Park.
The four-story apartment community on 10.6 acres offers one- and two-bedroom apartments. Features include large closets, in-unit washer-dryers, 9-foot ceilings, granite countertops and balconies or patios. A fire pit with surrounding outdoor seating is among the property’s prominent amenities. Recent occupancy levels stood at 94.4 percent as of July.
Situated at 8100 Palisades Circle in Old Town Manassas, the property is steps from the Virginia Railroad Express, which provides simple and quick access to Washington, D.C. It is also within a half-hour commute of many of the most concentrated job hubs in the region. For instance, residents are near major employers such as Lockheed Martin, Micron, Inova Health System, Amazon and the Federal Bureau of Investigation.
FAST GROWING
These employers are located in Innovation Technology Park in Prince William County, Va., situated 6.7 miles from The Point at Palisades. Manassas Park and Prince William County are among the area’s fastest growing life sciences and biotechnology submarkets. Three military bases are also located within an approximately 45-minute drive.
Senior Managing Director J. Tyler Blue and Managing Director Paul Wallace headed the Berkadia team arranging the buyer’s financing with debt. Senior Managing Director Drew White represented the seller in the transaction. Last week, Berkadia brokered the sale of a pair of Tampa, Fla.-area apartment communities.
Pantzer Properties, Inc. (“Pantzer”), a vertically integrated multifamily owner/operator, announced the final closing of its fifth real estate fund, Panco Strategic Real Estate Fund V (“Fund V”) on September 30, 2022. Fund V was oversubscribed with $781 million in capital commitments, exceeding the fundraising target of $750 million.
Fund V received substantial commitments from endowments, pension funds, healthcare systems, foundations, non-profits, Registered Investment Advisors, family offices and high net worth individuals. Fund V is approximately 75% larger than Pantzer’s prior fund.
Fund V is a continuation of Pantzer’s highly successful, fully discretionary private equity fund series known as the Panco Strategic Real Estate Funds, focusing on tangible multifamily assets in high-barrier to entry markets along the East Coast of the United States.
Further information is available at www.pantzerproperties.com.
New York-based firm bought Solera at City Centre, the company’s second multifamily acquisition in Palm Beach County in less than a year.
Click here for the full article as published in TheRealDeal.
Pantzer Properties closed its second multifamily deal in Palm Beach County in 11 months, buying a 136-unit apartment complex for $66.5 million.
An affiliate of the New York-based multifamily real estate investment firm acquired Solera at City Centre Apartments at 2100 PGA Boulevard 100 in Palm Beach Gardens, according to records. Pantzer, led by co-CEOs Jordan and Jason Pantzer, paid $488,971 per unit. The buyer obtained a $43.3 million mortgage from U.S. Bank.
Pantzer Properties has acquired The Point at Palisades, a luxury apartment community in the Washington, D.C. suburb of Manassas Park, Va. The four-story apartment community on 10.6 acres offers one- and two-bedroom apartments. Situated at 8100 Palisades Circle in Old Town Manassas, the property is steps from the Virginia Railroad Express, which provides simple and quick access to Washington, D.C. It is also within a half-hour commute of many of the most concentrated job hubs in the region. For instance, residents are near major employers such as Lockheed Martin, Micron, Inova Health System, Amazon and the Federal Bureau of Investigation.
FAST GROWING
These employers are located in Innovation Technology Park in Prince William County, Va., situated 6.7 miles from The Point at Palisades. Manassas Park and Prince William County are among the area’s fastest growing life sciences and biotechnology submarkets. Three military bases are also located within an approximately 45-minute drive.
Pantzer Properties is a fully integrated owner/operator of multifamily assets along the North East and Mid-Atlantic Corridor of the United States. We invest through our fully discretionary private equity fund series known as the Panco Strategic Real Estate Funds.