The Bennington Trades for $101M
PENTAGON CITY, VA—The Bennington, a transit-oriented, high-rise apartment community here has traded to Pantzer Properties for $101.1 million. Pantzer bought the 348-unit building via its Panco Strategic Real Estate Fund II from The Carlyle Group and The Bainbridge Cos. The property also features some 4,769-square feet of retail and a five-story parking garage.
CBRE’s Andy Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf, and Adam Dunn represented the seller.
Pantzer Properties has been steadily building up its portfolio in the DC market over the last few years, acquiring some $1 billion in apartment assets. The company plans to rebrand its newest holding as The Point at Pentagon City. It will be managed by Pantzer Properties management company, Panco Management.
The location is a significant draw, especially for people who wish to live close to, or in, the area in which they work. Pentagon City’s “work-live-play” creds will get a further boost when Whole Foods opens its doors across the street in 2017, noted Roohan.