Pantzer Properties Buys Pentagon City Apartment High-Rise for $101.1M
- Mar 31, 2014
A high-rise apartment community in the heart of Pentagon City has recently changed hands in one of the D.C. area’s largest residential transactions of the year. Pantzer Properties paid $101.1 million to acquire The Bennington from The Carlyle Group and The Bainbridge Cos. The New York-based firm purchased the property through its Panco Strategic Real Estate Fund II L.P.
The Bennington is a transit-oriented apartment community located at 1201 S. Eads St., in one of the fastest-growing residential and commercial areas of Arlington county. The property offers 282,617 square feet of space. It features 348 studio, one- and two-bedroom apartment units; 4,769 square feet of retail space; and a five-story parking garage with 347 spaces. On its website, Pantzer said the apartments have been renovated and that they include new kitchens with stainless steel appliances, granite-style countertops and ceramic tile.
Now known as The Point at Pentagon City, the high-rise will be managed by Panco Management, Pantzer Properties’ affiliated property and asset management company.
Arranging the sale was a CBRE Group Inc. team consisting of Vice Chairman Bill Roohan, Andy Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf and Adam Dunn.
“This exceptional property features a terrific upside in an improving submarket. Residents have easy access to myriad daily necessities in and around the community, with new offerings such as the Whole Foods across the street that’s set to deliver in 2017,” Roohan said in a statement for the press.
Over the past few years, Pantzer Properties has spent more than $1 billion to buy multi-family assets in the Washington, D.C., area.
Photo credit: Pantzer Properties