Pantzer Buys Suburban Boston Apartment Building For $91M
A New York investor has acquired a new multifamily building in Waltham, the latest in a series of investments in suburban Boston apartments.
Pantzer Properties bought the 195-unit The Point at Waltham for $91M, Banker & Tradesman first reported. Massachusetts Housing Partnership Fund provided $59M in mortgage financing for the sale.
The 238K SF property was developed by Phoenix-based Alliance Residential Co. It was built under the state's 40B law, which requires the project to have 25% affordability, equating to 49 units.
The developer filed a permit for the project in 2015, and it received complaints from some city councilors over the density but broke ground in 2021. At 341 2nd Ave., the project sits in a largely industrial area just off Route 128.
Pantzer owns apartment complexes in Abington, Andover, Billerica, Methuen, Marlborough, Sharon, Weymouth and Wrentham totaling more than 1,500 units. In February, the firm acquired the 234-unit The Point at Green District in Marlborough for $96M from Rockpoint and Post Road Residential.
Another Waltham apartment community sold last week for the highest price of any Boston-area multifamily sale this year, with FPA Multifamily paying $221M for the 696-unit Gardencrest Apartment Homes. On Monday, TruAmerica Multifamily announced it acquired a 324-unit apartment community called the Villas at Old Concord in Billerica for an undisclosed price.
