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 building, located at 1-3 Main Street, was sold by Boston-based Rockpoint and Coconut Grove-based Related Group. According to property records, 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 finished developing the property last year after acquiring the 3.8-acre site for $3.2 million in 2021.
Pantzer has renamed the building The Point at Miramar. It features studios as well as one-, two-, and three-bedroom units with monthly rents ranging from $1,489 to $4,835 according to Apartments.com.
A company news release states that Pantzer closed its latest fund last month: “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 Properties has been active in South Florida’s apartment market over recent years. Last year it paid $83.5 million for The Point at Palm Beach Grove complex in West Palm Beach and purchased The Point at Lakeside complex in Doral for $139.2 million.
Investment sales of multifamily properties have increased recently in South Florida despite challenges such as higher interest rates and slower population growth from out-of-state residents. Many buyers are using loans from Freddie Mac or Fannie Mae—such as Pantzer did—or seeking financing from insurance companies.
Other notable transactions include West Shore’s acquisition of a 542-unit complex in Palm Beach Gardens for $117.9 million this month and Tishman Speyer’s purchase last month of a 270-unit property in Boca Raton for $124.5 million.
