SILVER SPRING, MD-A Pantzer Properties affiliate has closed on The Georgian, an 891-unit, two-tower high-rise apartment community here for $168 million. The class B+ buildings also come with approximately 25,255 square feet of retail and a 594-car two-level subterranean parking garage—a valuable commodity in Downtown Silver Spring.

The property had been in receivership for nearly three years and bankruptcy for one year with a debt stack of approximately $215 million. Pantzer’s management affiliate, Panco Management Corp., will manage apartment building under the brand “The Point”. The property will be renamed The Point at Silver Spring.

Pantzer purchased the property through its opportunistic real estate funds, known as the Panco Strategic Real Estate Funds. CBRE represented the seller and lenders. Berkeley Point arranged Freddie Mac 10 year fixed rate financing for Pantzer. The law firms of Hyland Levin LLP and Kirkland & Ellis LLP represented Pantzer as legal counsel.

Pantzer Properties' strategy has been a threefold one, focusing on acquiring both value-add and class A properties, as well as originating and acquiring debt. “We specialize in complicated and highly structured transactions where our 41 years of investment expertise, deep financial resources and ability to tap the capital markets gives us a competitive advantage in sourcing transactions and closing deals,” said Edward Pantzer, chairman of Pantzer Properties, in a prepared statement.

The company has made some $600 million worth of acquisitions in the past year, including a 300-unit, class A multifamily property from an undisclosed seller in Annapolis, Md., in recent months. Other local sales have been the Magazine Portfolio -- a 2,580 unit eight-property portfolio in the suburbs, the 308-unit Marymont Apartments, which was renamed The Point at Laurel Lakes, in Laurel, MD, and the B note on The Ellington in Washington, D.C.