A unit of Pantzer Properties buys Bennington high-rise apartments for $101 million.
- March 20, 2014
Pantzer Properties has purchased The Bennington, a high-rise apartment community with 348 units, 4,769 square feet of retail and a five-story parking garage, for $101.1 million.
The 282,617-square foot property in the Pentagon City submarket in Arlington County was acquired through its Panco Strategic Real Estate Fund II LP, from the seller, The Carlyle Group and The Bainbridge Cos.
The project is located at 1201 South Eads St. According to CBRE, which arranged the sale, New York-based Pantzer has been building its portfolio in the Washington. D.C., market, having purchased more than $1 billion in multifamily assets over the past few years.
The Bennington now will be known as The Point at Pentagon City and will be managed by Pantzer Properties management company, Panco Management, based in Herndon.
“Residents have easy access to a myriad of 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,” CBRE Vice Chairman Bill Roohan, said in a statement.
The apartments are two blocks from the Pentagon City Metro Station, one Metro stop from the Pentagon, and close to I-395.