MANASSAS, VA–Panco Strategic Real Estate Fund III, an affiliate of New York City-based Pantzer Properties, has acquired a 576-unit apartment community here for $115 million, or $199,653 per unit. The community, now called Chatsworth Park, will be renamed The Point at Manassas per Pantzer's brand.
Dean Sigmon and Robin Williams of Transwestern's Mid-Atlantic Multifamily Group represented the seller.
Sigmon says there has been extremely high demand for value-add investment opportunities like Chatsworth over the past year. “There aren't enough of these assets on the market to satisfy investor demand, so they are receiving significant attention from domestic and foreign capital,” he says in a prepared statement.
The property went on the market in April and closed in July, an unusually fast closing period, he said.
Pantzer has been selecting buying up apartment communities in the Washington DC area for several years. In April it acquired The Residences at Moorefield Village, a 413-unit mid-to-high rise apartment building in Ashburn, Va., for $96 million or $232,446 per unit.
In February Pantzer Properties closed on an off-market acquisition of a 200-unit property called Reston Glen. It paid $32 million for the 10-acre garden community, which it renamed Reston at Homestead, per the company's brand for vintage properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
