Pantzer Properties has acquired a 393-unit apartment building in Miramar for $161 million. The deal 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 Rockpoint, based in Boston, and Related Group, headquartered in Coconut Grove. Records show that Pantzer secured a $102.4 million Fannie Mae loan to finance the purchase. This puts the price per apartment at approximately $409,700.
Related Group is led by the Pérez family, while Rockpoint is headed by Bill Walton and Keith Gelb. The two firms completed construction of the building last year after acquiring the 3.8-acre site for $3.2 million in 2021.
The building has been renamed The Point at Miramar by Pantzer and offers studios as well as one- to three-bedroom units. According to Apartments.com, monthly rents range from $1,489 to $4,835.
Pantzer is led by Jason and Jordan Pantzer. According to an affidavit signed by Jordan Pantzer and filed in Broward County, Panco Fund VI Holdings is the sole member of the entity that purchased the Miramar apartments.
Pantzer has made several investments in South Florida’s multifamily market recently. Last year, it bought 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 challenges such as higher interest rates and slower population growth from out-of-state residents, investment sales for South Florida multifamily properties have increased recently. Many buyers are using loans from Freddie Mac or Fannie Mae or seeking financing from insurance companies.
Recent notable transactions include West Shore’s purchase of Palm Beach Gardens Apartments for $117.9 million and Tishman Speyer’s acquisition of Bell at Broken Sound Apartments in Boca Raton for $124.5 million.
