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Pantzer Properties Pays $88 Million for 468-Unit Community in Germantown

New York City Firm Completes Deal with Clark Enterprises to Acquire The Point at Germantown Station
July 9, 2018
Roughly one year after acquiring Bozzuto's Chatsworth Park community in Manassas, VA, for $115 million, New York City's Pantzer Properties has dipped into the Washington, D.C., market once again, this time to acquire a 468-unit community along the I-270 corridor in Germantown, MD, for $87.75 million.

Pantzer, a multifamily investment and management firm that owns and operates roughly 12,700 apartments stretching down the East Coast from Greater Boston to the Washington, D.C., area, paid nearly $189,000 per unit to Bethesda, MD-based Clark Enterprises to acquire The Point at Germantown Station.

The Point was constructed in 1987 at 19228 Circle Gate Drive approximately one mile from I-270 and adjacent to Great Seneca Highway, which offers connectivity to Rockville, Bethesda and Washington, D.C., to the south, and Urbana and Frederick to the north. Formerly known as Rolling Meadows, the commuter-friendly property, located in the Germantown Multifamily submarket, adjoins a MARC train station and sits just north of the Shady Grove Metro station.

The garden-style community consists of 39 three-story buildings compromising a mix of two- and three-bedroom units that average 1,205 square feet. It sits on 40 acres, and includes a pool, fitness center and renovated clubroom, as well as numerous tot lots, dog parks, soccer fields, and picnic/grilling areas.

The sale is the third largest multifamily deal in affluent Montgomery County, MD, this year, following the $143 million sale of the Cider Mill Apartments in Gaithersburg in February, and the $97.4 million sale of the Flats at Bethesda Avenue in Bethesda in April.

Walter Coker, Brian Crivella and Stephen Conley of HFF's investment advisory team brokered The Point sale for Clark Enterprises and procured the buyer. Jamie Leachman and Nicole Brickhouse of HFF's debt placement team arranged debt financing through Freddie Mac for Pantzer Properties, and will service the securitized loan.

For more information on the transaction, please see CoStar Comp #4369636.
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