Pantzer Continues to Steadily Purchase Maryland Apartments With New Deal
CROFTON, MD—New York City-based Pantzer Properties really likes Maryland and the Commonwealth of Virginia too, while we are at it. In the last year the company has acquired three Maryland apartment properties for a total of some $250 million — a figure that includes its latest acquisition of Keswick Park for $85 million, or $209,360 per unit.
Between Maryland and Virginia the company now owns some 6,000 units, co-president Jason Pantzer tells GlobeSt.com.
Pantzer declined to discuss pricing of the company’s latest deal, other than to acknowledge it has acquired the 406-unit garden apartment complex. Keswick Park, which is located at 1623 Parkridge Cr., consists of 28 three-story buildings that were first developed in 1991 and renovated in 2011. The seller was Berkshire Group. A source gave the pricing info to GlobeSt.com.
But in general the property’s profile fits what Pantzer has been looking for in Maryland and Virginia — namely, properties that are in high demographic growth area with strong economic demand drivers and good going-in basis.
“We are active acquirers but every deal has to stand on its own,” he said.
In the last year Pantzer has acquired and subsequently rebranded Homestead at Laurel, a 386 unit property for $52.9 million or $136,982 per unit in Laurel, MD and the Monterrey, a 432 unit property in Rockville, MD, which it acquired for $110.5 million or $255,787 per unit.