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348-unit high-rise sells for $101.1M in one of biggest sales this year

Thursday - 3/20/2014, 2:35pm  ET

The D.C. region's apartment market is continuing to bring in big money from out-of-state investors, despite the specter of overbuilding in some parts of the region.

In the latest sign of investor appetite, New York-based Pantzer Properties has paid $101.1 million for The Bennington apartments in Pentagon City. Pantzer bought the 348-unit high-rise at 1201 S. Eads St. from a joint venture between The Carlyle Group and The Bainbridge Cos. Carlyle and Bainbridge acquired the building in 2007 for $93.6 million, according to Arlington County land records. It is assessed at about $97.9 million.

Pantzer, which acquired The Bennington through its Panco Strategic Real Estate Fund II LP, has bought more than $1 billion in D.C.-area properties in the past few years, including  its $168 million acquisition of The Georgian in Silver Spring back in 2012. It  plans to rebrand the property as The Point at Pentagon City.

The sale is one of the biggest multifamily property deals so far this year and follows Washington Real Estate Investment Trust's  acquisition of the Yale West apartments in D.C. for $73 million, or about $338,000 per unit.

The Carlyle-Bainbridge venture was represented in the sale by CBRE Group Inc. brokers Bill Roohan, Andy Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf, and Adam Dunn.

© 2014 American City Business Journals, Inc.