The trust paid $379.1 million to acquire five communities totaling 1,685 units in Northern Virginia, as part of a larger portfolio acquisition that will be funded through the sale of office and retail assets.
NYSE-listed Washington Real Estate Investment Trust (WashREIT) has now closed on its $379.1 million acquisition of a portfolio of five multifamily assets in Northern Virginia, totaling 1,685 units. The suburban properties represent the first tranche of a larger $461 million, 2,113-unit multifamily portfolio acquisition that the REIT has dubbed “Assembly.”
The second tranche of the value-add transaction will consist of two apartment communities totaling 428 units in Montgomery County, Md. WashREIT, which announced the signing of the portfolio deal in early April, said it plans to fund both tranches of the acquisition through the sale of select office and retail assets.
The seller was not disclosed, but Yardi Matrix data indicates that the previous owner of the five Northern Virginia assets was Pantzer Properties, which picked up the communities from Bainbridge Companies in a portfolio deal in March 2011.
The five properties include:
All the communities were built between 1986 and 1990, except for The Point at Dulles, which was completed in 2000. Each of the properties is more 94 percent occupied, and four of the five properties are more than 96 percent occupied, according to Yardi Matrix data.
WashREIT owns more than 6.1 million square feet of commercial space and 5,953 multifamily apartment units across 53 properties. The entire Assembly deal boosts its multifamily unit count by 50 percent, as the real estate investment trust bets on the rise of suburban renting.
“We are expanding our multifamily portfolio to serve the fast-growing cohort of renters—aging millennials—who can’t afford home ownership or urban infill rents and are drawn to well-located, Class B suburban multifamily with its larger living spaces and excellent community services,” commented Paul McDermott, WashREIT president and CEO in a prepared statement upon the initial signing of the deal.
In January of last year, WashREIT agreed to purchase Arlington Tower, a 398,000-square-foot Class A office building in the Rosslyn submarket of Arlington, Va., from Tishman Speyer for around $250 million. The REIT also sold 2445 M St. NW, a 290,000-square-foot office property in Washington, D.C., to Beacon Capital Partners for $101.6 million in June, according to Yardi Matrix.
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.