Reston Multifamily Property Trades Hands For $32M
New York-based Pantzer Properties has purchased a Reston multifamily asset for $32M.
Fort Worth, Texas-based Crescent Real Estate Equities was the seller of the 200-unit Reston Glen apartments, with Berkadia brokering the deal. Pantzer now lists the property as Homestead at Reston on its website.
The property, at 12265 Laurel Glade Court, was built in 1974 and includes a fitness center, a playground, grilling and picnic areas, and a business center with WiFi. It sits next to Dogwood Elementary School and two miles from Reston Town Center.
“Reston Glen is well-positioned in one of the most dynamic submarkets of Washington, DC,” Berkadia senior managing director Scott Melnick said in a release. “Pantzer Properties will be able to take advantage of economies by adding this property to its already significant roster of Northern Virginia holdings.”
Pantzer also owns properties in Arlington, Herndon and Leesburg, as well as properties in suburban Maryland and New Jersey. The company is led by founder Edward Pantzer and members of his family.