The property has traded hands a number of times within the last few years. In 2011 Crossbeam Capital of Bethesda, Md., acquired it from Redstone Partners of New York, which in turn had acquired it in a distressed play from Fairfield Residential.

Reston at Homestead is the eighth acquisition under Pantzer Properties newly-closed third real estate fund, the Panco Strategic Real Estate Fund III. The fund closed at the beginning of the month with $305 million of capital commitments, exceeding its $300 million fundraising target.

RESTON, VA–New York City-based Pantzer Properties closed on an off-market acquisition of a 200-unit property here called Reston Glen at the end of the month. It paid $32 million for the 10-acre garden community, which it renamed Reston at Homestead, per the company's brand for vintage properties.

The seller was Crescent Real Estate Equities of Fort Worth, Texas and Berkadia's Scott Melnick and David Oakley handled the sale.

The sale was as close to a no-brainer for Pantzer Properties as such transactions can get, co-president Jason Pantzer tells GlobeSt.com. “We were very familiar with the area as we already own more than 3,000 properties in the immediate vicinity. Berkadia brought it to us and it closed at the price it contracted for on the date that it was supposed to.”

Built in 1974, Reston Glen is located at 12265 Laurel Glade Ct.

The property has traded hands a number of times within the last few years. In 2011 Crossbeam Capital of Bethesda, Md., acquired it from Redstone Partners of New York, which in turn had acquired it in a distressed play from Fairfield Residential.

Reston at Homestead is the eighth acquisition under Pantzer Properties newly-closed third real estate fund, the Panco Strategic Real Estate Fund III. The fund closed at the beginning of the month with $305 million of capital commitments, exceeding its $300 million fundraising target.