ANNAPOLIS, MD-Pantzer Properties has acquired its first asset here—a 300-unit, class A multifamily property from an undisclosed seller. The company, which has made some $600 million of acquisitions in the last year, declined to discuss pricing of the acquisition, but principal Jason Pantzer tells GlobeSt.com that it traded roughly at a 6% cap. Freddie Mac provided the financing, he also says.
Would he consider additional acquisitions in this part of Maryland? “Yes, definitely, if it is the same sort of quality and location as The Point at Annapolis.” The property, located at 1901 West St., also has 19,211-square feet of retail. The building is 95% occupied.
The building used to be condos, which means condo-quality finishes in the units, he adds. 1901 West is less than two miles from historic downtown Annapolis and the city’s waterfront.
HFF’s Alan Davis, Dave Nachison and Brendon Flood brokered the deal. HFF’s Cary Abod and Calvin Jones arranged the financing. The property will be managed by Pantzer Properties’ management division.
Other acquisitions the company has made in the area have been in the Washington, DC area. These include 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.
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