Pantzer Properties Inc., a New York-based development firm, acquired the 16-story apartment complex in Silver Spring, MD, formerly known as The Georgian from Stellar Management for $168 million, or about $188,764 per unit.
The newly named Point at Silver Spring delivered in 1968 and was renovated in 2006. The 891-unit property totals 900,795 square feet at 8750 Georgia Ave. and is managed by Panco Management of New York, according to CoStar information.
The Georgian was in receivership for nearly three years and bankruptcy for one year. Nearly $40 million in upgrades were completed recently, including a rooftop pool, new windows, 300 unit renovations and other building amenities.
CBRE represented the seller, while no buyer's broker was involved.
Please see CoStar COMPS #2531622 for more information on this transaction.