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 focuses 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. Records indicate that Pantzer secured a $102.4 million Fannie Mae loan to finance the purchase. This translates to approximately $409,700 per apartment unit.
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 in 2021 for $3.2 million.
Now renamed The Point at Miramar by Pantzer, the building features studios as well as one- to three-bedroom units with monthly rents ranging from $1,489 to $4,835 according to Apartments.com.
Pantzer is led by Jason and Jordan Pantzer. According to an affidavit filed in Broward County and a company news release: “Panco Fund VI Holdings is the sole member of the purchasing entity that bought the Miramar apartments.”
Pantzer has been active in South Florida’s multifamily market. Last year it purchased The Point at Palm Beach Grove complex in West Palm Beach for $83.5 million and The Point at Lakeside complex in Doral for $139.2 million.
Despite higher interest rates and slower migration into South Florida from other states, investment sales for multifamily properties have increased recently. Many buyers are using financing options such as Freddie Mac and Fannie Mae loans or seeking loans from insurance companies.
Other notable transactions include West Shore’s acquisition this month of Palm Beach Gardens Apartments—a 542-unit complex—for $117.9 million and Tishman Speyer’s purchase last month of Bell at Broken Sound Apartments in Boca Raton for $124.5 million.
