Pantzer Properties Buys Montgomery County Apartment Community For $88M
Pantzer Properties had just acquired its fifth D.C. area multifamily property since the start of 2017.
The New York-based firm bought the 468-unit Rolling Hills apartment community in Germantown for $87.75M from Clark Enterprises.
HFF's Walter Coker, Brian Crivella and Stephen Conley represented the seller, and HFF's Jamie Leachman and Nicole Brickhouse helped Pantzer secure a loan with Freddie Mac.
The community consists of 39 three-story buildings on a 40-acre property at 19228 Circle Gate Drive, about a mile from Interstate 270. It features a mix of two- and three-bedroom units averaging 1,205 SF and offers amenities such as a pool, fitness center, clubroom, dog parks, soccer fields and picnic areas.
Pantzer has been extremely active in acquiring suburban D.C., Class-B multifamily properties. In July 2017, it bought a 576-unit Manassas apartment complex for $115M. In February 2017, it paid $32M for a 200-unit Reston multifamily property. Also last year, it acquired an Ashburn apartment building for $96M and a Silver Spring property for $39.6M.
Pantzer Properties co-President Jason Pantzer told Bisnow in November he likes the D.C.-Baltimore region because of its mass transportation and job market, and he seeks to acquire Class-B properties where his firm can add value and drive rents.
"We want to make sure that the Class-B's we're looking at are well-located with physical attributes like large unit sizes, low density per acre, good ingress and egress, where we think we can go in and enhance what's there," Pantzer said.
