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The multifamily investment market in NoVa is heating up with the closing of another $100M-plus deal, this time in Manassas.
An affiliate of New York-based Pantzer Properties acquired the 576-unit Chatsworth Park apartments for $115M, roughly $200K per unit. Transwestern's Dean Sigmon and Robin Williams brokered the deal.
“There has been extremely high demand for value-add investment opportunities like Chatsworth over the past year,” Sigmon said in a release. “There aren’t enough of these assets on the market to satisfy investor demand, so they are receiving significant attention from domestic and foreign capital. This asset went on the market in April and closed in July, an unusually fast closing period, further demonstrating investor appetite.”
Just yesterday, ARA Newmark announced the sale of a 676-unit apartment portfolio in Fredericksburg for $100.5M. Chandler Management acquired the two nearby apartment complexes from Equus Capital.
The Manassas deal is the second NoVa buy for Pantzer this year. In February, the investor acquired a 200-unit Reston apartment complex for $32M. It also owns properties in Arlington, Herndon and Leesburg.
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