The D.C. region’s apartment market is continuing to bring in big money from out-of-state investors, despite the specter of overbuilding in some parts of the region.
In the latest sign of investor appetite, New York-based Pantzer Properties has paid $101.1 million for The Bennington apartments in Pentagon City. Pantzer bought the 348-unit high-rise at 1201 S. Eads St. from a joint venture between The Carlyle Group and The Bainbridge Cos. Carlyle and Bainbridge acquired the building in 2007 for $93.6 million, according to Arlington County land records. It is assessed at about $97.9 million.
Pantzer, which acquired The Bennington through its Panco Strategic Real Estate Fund II LP, has bought more than $1 billion in D.C.-area properties in the past few years, including in Silver Spring back in 2012. It at Pentagon City.
The sale is one of the biggest multifamily property deals so far this year and follows Washington Real Estate Investment Trust’s in D.C. for $73 million, or about $338,000 per unit.
The Carlyle-Bainbridge venture was represented in the sale by CBRE Group Inc. brokers Bill Roohan, Andy Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf, and Adam Dunn.
