The property's occupancy rate has held steady at 95%, Managing Partner Jason Pantzer tells GlobeSt.com, putting the trade at a close to 8% cap rate. Pantzer Properties has a history of owning properties in the DC area; currently its holdings are an equity investment in the Grove, a part multi- and condo-property of 190 units in Arlington, VA and 500 units in Laurel, MD.

The trade was through the company's Panco Strategic Real Estate Fund I, LP, an approximate $100-million fund that Pantzer raised from high net worth individuals. The company is looking at additional purchases in the Baltimore/Washington, DC area, the New York/New Jersey submarkets and the greater Philadelphia region, he says. "There are certain opportunities right now that make sense for us. But we don't want a marginal deal--we are only looking at strong locations with strong job growth."

The transaction is a welcome boost to the DC area's multifamily sales track record, says Delta Associates' Grant Montgomery. "It's nice to see another transaction to be able to determine where the market is," he tells GlobeSt.com, referring to the reported trade of the Warwick for more than $100 million recently. There were ten garden unit sales here last year that Delta tracked, averaging about $192,000 per unit.