Pantzer, Dune Real Estate Strike $460M JV
- Mar 04, 2011
March 4, 2011
By Allison Landa, News Editor
Pantzer Properties and Dune Real Estate Partners have turned the page on the Magazine Portfolio, a $460 million clatch of eight apartment complexes in Maryland and Virginia. According to Ballard Spahr, who represented Pantzer and Dune, it is the largest multi-family real estate transaction in the U.S. since 2008.
The portfolio comprises more than 2,500 units and marks the fourteenth investment made by the Panco Strategic Real Estate Fund I L.P. in two and a half years. Pantzer CEO Edward Pantzer said that the firm has worked with Ballard since 1982.
The joint venture is split equally between Pantzer and Dune. Ballard Spahr partner Marci Gordon said that the transaction is illustrative of a strong multi-family performance both locally and nationally.
The D.C. metro area’s multi-family market continues to outpace that of the rest of the country. In 2010, vacancy rates for all apartments were halved, while rent growth spiked nearly 75 percent. The presence both of government and private-sector jobs is considered to be a strong factor behind this success.