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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.


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.

Panco Properties Win Gold in the PAA Best in Apartment Living Awards
Philadelphia, PA (September 23, 2021) – Several Panco Properties took home the Gold in the Best in Apartment Living Awards at a recent ceremony held by the Pennsylvania Apartment Association (PAA).

This year’s winners are:

The Point at Rittenhouse Row in Philadelphia, PA | Gold | Leasing/Marketing & Web Engagement - Eastern Region-Before 1961, 80-95 Units

The Point at Glen Mills in Glenn Mills, PA | Gold | Overall Excellence - Eastern Region – Between 2000-2016, 115-230 Units

The Point at Phoenixville Riverworks in Phoenixville, PA | Gold | Overall Excellence & Maintenance Excellence – Eastern Region – Between 2000-2016, 275-400 Units, 326+ Units

The annual PAA Best of Awards recognize leading apartment communities in Pennsylvania within top competitive categories based on region, number of apartments and the year the property was built. Entries are received by communities located throughout the Commonwealth with the top properties receiving recognition for demonstrated excellence within the multifamily industry.

Panco Management Ranks #3 in the 2020 Division ORA Power Ranking for Online Reputation
J. Turner Research has ranked Panco Management #3 within Division III (10,000 – 19,999 units) in the 2020 Division ORA Power Ranking as published by Multifamily Executive.
Panco Management Ranked #2 of the Top 100 Management Companies for January 2020
Panco Management has been ranked #2 by ApartmentRatings and Satisfacts in their list of Top 100 Management Companies with 25 or More Communities for January 2020.

STRATEGIC INVESTOR WITH EAST COAST FOCUS

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.

© 2020 Pantzer Properties, Inc.