VA Community Sells for $115M
An affiliate of Pantzer Properties acquired a 576-unit community located roughly 30 miles from downtown D.C. The company will rename the asset The Point at Manassas.
By Evelina Croitoru
Transwestern facilitated the disposition of Chatsworth Park, a 576-unit community in Manassas, Va., for $115 million. Pantzer Properties’ affiliate, Panco Strategic Real Estate Fund III, purchased the asset from the seller, The Bozzuto Group.
Located at 8100 Chatsworth Drive, the property encompasses one-, two- and three-bedroom units ranging in size from 821 to 1,317 square feet. Common amenities include a refurbished clubhouse with 24-hour media room, a conference room, a business and a fitness center. Chatsworth Park also features a swimming pool with sundeck, wading pool, indoor playroom and an outdoor grilling area. The community will operate under the name of The Point at Manassas. The asset reached 94.7 percent occupancy as of June 2017, according to Yardi Matrix.
Strong Value-Add Investment
The deal is in keeping with Pantzer’s strategy to purchase multifamily properties in strong economic areas that are poised for continued growth. Chatsworth Park brings the company’s overall portfolio to 25 assets located throughout Northern Virginia and Maryland. Dean Sigmon and Robin Williams of Transwestern’s Mid-Atlantic Multifamily Group represented the seller in the transaction.
“There has been extremely high demand for value-add investment opportunities like Chatsworth over the past year. 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,” Sigmon said in prepared remarks.
Images courtesy of The Bozzuto Group