Pantzer Properties bought a 393-unit apartment building in Miramar for $161 million.
The purchase comes on the heels of New York-based Pantzer closing its $1 billion Panco Strategic Real Estate Fund VI that will target multifamily properties on the East Coast.
Boston-based Rockpoint and Coconut Grove-based Related Group sold the eight-story building at 1-3 Main Street to Pantzer, according to records. The buyer borrowed a $102.4 million Fannie Mae loan for the purchase.
The purchase price breaks down to $409,700 per apartment.
Related, led by the Pérez family, and Rockpoint, led by Bill Walton and Keith Gelb, completed development of the building last year. They had paid $3.2 million for the 3.8-acre development site in 2021, records show.
The building, which Pantzer renamed The Point at Miramar, offers studios and one-bedroom to three-bedroom units. Monthly rents range from $1,489 to $4,835, according to Apartments.com.
Pantzer, led by Jason and Jordan Pantzer, closed its $1 billion Panco Strategic Real Estate Fund VI last month, according to a company news release According to an affidavit Jordan Pantzer signed and filed in Broward County, Panco Fund VI Holdings is the sole member of the purchasing entity that bought the Miramar apartments.
Pantzer has been a frequent investor in South Florida apartments. Last year, it paid $83.5 million for the 245-unit The Point at Palm Beach Grove complex at 7130 Okeechobee Boulevard in West Palm Beach. Also last year, Pantzer bought the 352-unit The Point at Lakeside complex at 11481 Northwest 41st Street in Doral for $139.2 million.
South Florida multifamily investment sales have experienced an uptick in recent months, despite higher interest rates, slower in-migration by out-of-staters and other headwinds. Many of the buyers are relying on Freddie Mac and Fannie Mae loans, as Pantzer did for its Miramar purchase, or are turning to insurance companies for loans.
This month, West Shore paid $117.9 million for the 542-unit Palm Beach Gardens Apartments complex at 4120 Union Square Boulevard in Palm Beach Gardens. Last month, Tishman Speyer bought the 270-unit Bell at Broken Sound Apartments at 5500 Broken Sound Boulevard Northwest and 950 Northwest Broken Sound Parkway in Boca Raton for $124.5 million.
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