Pantzer Buys Sixth Multifamily, Plans $100M Spree
By Erika Morphy
December 15, 2010

The Point at Laurel Lakes

LAUREL, MD-An affiliate of New York-based Pantzer Properties has acquired its sixth apartment building in the region, principal Jason Pantzer tells GlobeSt.com. That is six and counting, as the firm intends to invest an additional $100 million in the area over the next eighteen months. "This is a great market with great fundamentals," Pantzer says.

This week, Panco Strategic Real Estate Fund I LP closed on the Point at Laurel Lakes, a 308-unit apartment building constructed in 1987. Formerly known as Marymont Apartments at Laurel Lakes, the property was owned by a fund managed by Eaton Vance. Pantzer declined to tell GlobeSt.com what the purchase price was other than the cap rate was north of 6%. HFF's Dave Nachison, Alan Davis and J. Brenden Flood brokered the transaction.

Pantzer also recently acquired a B note in the Ellington, a class A luxury high-rise apartment building in Washington, DC ; invested in the Grove, a 190-unit condo and multifamily property in Arlington, VA; and purchased the Point at Fairfax, a 364-unit multifamily building in Fairfax, VA, which it subsequently sold to Home Properties in September. Pantzer also recently financed Foxfire Apartments, a 500-unit property in Laurel with a Freddie Mac loan provided by CWCapital.

The Point at Laurel Lakes is next to the 460,000-square-foot Laurel Lakes Shopping center, anchored by Safeway, Best Buy, Lowe's, Staples, TJ Maxx, Michael's and Modell's. It is positioned to benefit from the military's Base Realignment and Closure program, Pantzer says, which is expected to bring at least 22,000 civilian jobs to nearby Fort Meade.