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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.

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 – Eastern Region – Between 2000-2016, 275-400 Units

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

The annual PAA Best in Apartment Living 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 top performance and excellence within the multifamily industry.

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.

© 2020 Pantzer Properties, Inc.