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Pantzer drops $67M for Palm Beach Gardens apartment complex

New York-based firm bought Solera at City Centre, the company’s second multifamily acquisition in Palm Beach County in less than a year.

Originally published in TheRealDeal. Click here for the full article.

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.

The seller, a joint venture between Palm Beach Gardens-based Eastwind Development Group and Prague, Czech Republic-based ICP, paid $4.2 million for the land in 2019, records show. The partnership completed the two apartment buildings and the adjoining City Centre retail, restaurant and office complex last year. That complex was not included in the Pantzer deal.

Solera offers a mix of one-bedroom, two-bedroom and three-bedroom apartments ranging from 682 square feet to 1,363 square feet, according to Apartments.com. Rents are not listed on the website. The three-story buildings share a clubhouse, pool and central courtyard, records show.

In May, Pantzer paid $119.4 million for the 392-unit Town Southern apartment complex in Royal Palm Beach and renamed the property The Point at Wellington. In less than a year, Pantzer has added 528 apartments in Palm Beach County to its portfolio of more than 10,000 units along the East Coast.

Overall, Pantzer owns 36 multifamily properties from Massachusetts to Florida, including four in Palm Beach County and one in Miami-Dade County, according to the firm’s website. Pantzer buys apartment properties through its Panco Strategic Real Estate Funds, the website states.

Pantzer joins a handful of heavy hitting multifamily investors that closed big-ticket deals across South Florida in the past week. Chicago-based Waterton paid $80 million for a 216-unit garden-style community in Boynton Beach; Atlanta-based The Carroll Organization paid $49.4 million for an 188-unit apartment complex in Oakland Park; Boston-based Berkshire Residential Investments paid $202.5 million for a 390-unit project in Jupiter; and Dallas-based S2 Capital paid $127 million for a 359-unit apartment complex near Jupiter.

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.