The property's occupancy rate has held steady at 95%, ManagingPartner Jason Pantzer tells GlobeSt.com, putting the trade at aclose to 8% cap rate. Pantzer Properties has a history of owningproperties in the DC area; currently its holdings are an equityinvestment in the Grove, a part multi- and condo-property of 190units in Arlington, VA and 500 units in Laurel, MD.

The trade was through the company's Panco Strategic Real EstateFund I, LP, an approximate $100-million fund that Pantzer raisedfrom high net worth individuals. The company is looking atadditional purchases in the Baltimore/Washington, DC area, the NewYork/New Jersey submarkets and the greater Philadelphia region, hesays. "There are certain opportunities right now that make sensefor us. But we don't want a marginal deal--we are only looking atstrong locations with strong job growth."

The transaction is a welcome boost to the DC area's multifamilysales track record, says Delta Associates' Grant Montgomery. "It'snice to see another transaction to be able to determine where themarket is," he tells GlobeSt.com, referring to the reported tradeof the Warwick for more than $100 million recently. There were tengarden unit sales here last year that Delta tracked, averagingabout $192,000 per unit.