NEW YORK INVESTOR ACQUIRES MULTIFAMILY COMPLEX IN NORTHERN VIRGINIA FOR $115 MILLION
Transwestern Represents the Seller of 576 Apartment Homes in Manassas, Virginia
(MAY X, 2017 – MANASSAS, VA.) – Transwestern today announces it brokered the disposition of Chatsworth Park, consisting of 576 apartment homes at 8100 Chatsworth Drive in Manassas, Virginia. Panco Strategic Real Estate Fund III, an affiliate of Pantzer Properties, purchased the property for $115 million, or $199,653 per home. Dean Sigmon and Robin Williams of Transwestern’s Mid-Atlantic Multifamily Group represented the seller.
“There has been extremely high demand for value-add investment opportunities like Chatsworth over the past year,” said Sigmon. “There aren’t enough of these assets on the market to satisfy investor demand, so they are receiving significant attention from domestic and foreign capital. This asset went on the market in April and closed in July, an unusually fast closing period, further demonstrating investor appetite.”
The acquisition is part of New York-based Pantzer’s strategy to purchase multifamily properties in areas with strong economies that are poised for continued growth. Chatsworth will be renamed to the Point at Manassas and added to the firm’s local portfolio of 25 multifamily properties located throughout Northern Virginia and Maryland.
The property offers floorplans with one, two, and three bedrooms. The property’s amenities include a renovated clubhouse with a 24-hour media room, conference room, business and fitness center, swimming pool with sundeck and Wi-Fi, wading pool, indoor playroom, outdoor grilling area, dog park and playground. Watch a video tour of the property at: https://twurls.com/chatsworth-park