Pantzer Properties has acquired a 393-unit apartment building in Miramar for $161 million. The transaction follows the recent closing of Pantzer’s $1 billion Panco Strategic Real Estate Fund VI, which is focused on multifamily properties along the East Coast.
The eight-story property, located at 1-3 Main Street, was sold by Boston-based Rockpoint and Coconut Grove-based Related Group. According to public records, Pantzer secured a $102.4 million Fannie Mae loan to finance the purchase. The price per unit comes out to approximately $409,700.
Related Group, led by the Pérez family, and Rockpoint, headed by Bill Walton and Keith Gelb, completed construction of the building last year after purchasing the 3.8-acre site for $3.2 million in 2021.
The newly renamed The Point at Miramar offers studio through three-bedroom apartments with monthly rents ranging from $1,489 to $4,835 as listed on Apartments.com.
A company news release stated: “Pantzer, led by Jason and Jordan Pantzer, closed its $1 billion Panco Strategic Real Estate Fund VI last month.” An affidavit filed in Broward County confirms that Panco Fund VI Holdings is the sole member of the entity that acquired the Miramar property.
Pantzer has been active in South Florida’s apartment market. Last year it purchased The Point at Palm Beach Grove in West Palm Beach for $83.5 million and The Point at Lakeside in Doral for $139.2 million.
Despite higher interest rates and slower population growth from out-of-state movers, South Florida has seen an increase in multifamily investment sales recently. Many buyers are using financing from agencies such as Freddie Mac and Fannie Mae or seeking loans from insurance companies.
Other recent transactions include West Shore’s acquisition of Palm Beach Gardens Apartments for $117.9 million and Tishman Speyer’s purchase of Bell at Broken Sound Apartments in Boca Raton for $124.5 million.
