Pantzer Properties Buys Washington, DC-Area Community for $71M
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.
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.