Pantzer Properties Sells 468-Unit Maryland Community
The Germantown asset previously changed hands in 2018 for nearly $88 million.
Pantzer Properties has sold The Point at Germantown Station, a 468-unit community in Germantown, Md. JLL Capital Markets represented the seller. The new owner has rebranded the property as Seneca Place.
According to Yardi Matrix, the asset previously changed hands for $87.8 million in 2018. Seneca Place totals 39 buildings spread across 40 acres at 19228 Circle Gate Drive.
Developed in 1985, the property features two- and three-bedroom apartments, averaging 1,205 square feet. At the time of sale, the units were roughly 95 percent occupied. Residents have access to a resort-style pool with sundeck and cabanas, fitness center, clubroom, dog park, on-site storage, picnic area and soccer field.
The community is served by multiple elementary and middle schools in the area. Seneca Valley High School is across the street from the property and The Montgomery Collage Campus, home to Pinkney Innovation Complex for Science and Technology, is less than 3 miles away.
The Germantown Square Mall is within walking distance of Seneca Place, while Washington, D.C., is some 26 miles north of the property and Dulles International Aiport is 36 miles away.
The JLL Capital Markets team included Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin. In November 2020, Pantzer Properties completed the $66.1 million sale of The Views at Laurel Lakes Apartment Homes, also located in Maryland.