Pantzer Snaps Up Manassas Park Asset for Roughly $60M
MANASSAS, VA-Pantzer Properties has acquired another apartment asset in the Mid-Atlantic, steadily growing its footprint outside of its New York City base. The company recently closed on the Haverhill Apartments, which Pantzer will rename The Point at Park Station. A market source tells GlobeSt.com that the 350-unit property traded between $160,000 to $180,000 per unit, with a total sales price ranging anywhere between a high $50 million figure to a low $60 million one.
The seller is a fund sponsored by CBRE Global Investors. CBRE’s William Roohan represented the seller in the deal. Berkeley Point arranged Freddie Mac financing for Pantzer. The law firms of Ballard Spahr LLP and Hyland Levin LLP represented Pantzer as legal counsel.
The property was built in 2004 and consists of residential units across fourteen buildings on 23.87 acres. One significant attraction is its location 500 feet away from the Manassas Park Station of the Virginia Rail Express.
Expect to see the company make additional acquisitions in the region, Jason Pantzer, co-president of Pantzer Properties, tells GlobeSt.com. “We have targeted the market as an area for growth for us,” he says.
“Pantzer Properties has a series of real estate funds for these acquisitions and we are concentrating on the multifamily asset class from DC to New York.” Besides the attractions of the market itself, there is a certain sense in building up a portfolio in one area, Pantzer adds. “We have 12 other properties in the immediate area and with that kind of infrastructure this asset lends itself nicely to our portfolio.”
Most of its local properties operate under “The Point” brand, including the 2,580-unit Point DC Portfolio, the 308-unit Point at Laurel Lakes Apartments in Laurel, MD, the 500-unit Foxfire Apartments in Laurel, MD, the 300-unit Point at Annapolis Apartments in Annapolis, MD, and the 891-unit Point at Silver Spring Apartments in Silver Spring, MD.
By Erika Morphy | National