BETHESDA, MD—New York-based Pantzer Properties has scooped up another DC area asset: The Monterey, a 432-unit, three building apartment asset located at 5901 Montrose Rd. The seller was a JV between Federal Capital Partners and Angelo Gordon. Pantzer Properties declined to discuss pricing but a source tells GlobeSt.com the property traded for $110.5 million, or approximately $256,944 per unit. The source also says the cap rate was close to 6%, clocking in around five-and-three-quarters. FCP did not return a call to GlobeSt.com in time for publication.
Public records show the property last traded in March 2008, when it sold for $97.2 million.
This acquisition, which Pantzer financed via its second strategic real estate fund (the company is currently raising funds for its third) represents the fourth asset it has purchased in the DC area over the last year. Last year, the company acquired six assets for a total of $360 million, co-president Jason Pantzer tells GlobeSt.com, three of which were in the region. Two were in Pentagon City and one was in Odenton, MD.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
