Pantzer Properties Sells NoVA Apartment Building for $114M
By Nick Trombola June 24, 2024 1:01 pm
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It appears Amazon (AMZN) delivers housing demand, not just e-commerce.
A 19-story, 348-unit apartment building in Pentagon City, Va. — just east of Washington, D.C., on the other side of the Potomac River and across the street from Amazon’s HQ2 — has sold for $113.5 million, according to the Business Journals.
New York-based luxury apartment manager Goldfarb Properties bought the tower at 1201 South Eads Street last month from an affiliate of fellow New York-based management firm Pantzer Properties. Goldfarb paid a roughly 12.3 percent more than the $101.1 million the seller acquired it for in 2014, well before Amazon moved into the area.
Neither Goldfarb nor Pantzer immediately responded to requests for comment.
Whether through the influence of Amazon’s presence or not, the fact is that Northern Virginia has become a hotbed for multifamily activity recently.
Aside from major mixed-use projects like National Landing and Potomac Yard, which seem to be constantly changing and expanding, an influx of financing has come to apartment developers like Shoreham and Bridge Investment Group, which in late March landed a $157 million acquisition loan for a 1,180-unit apartment complex in Alexandria.
Or there’s Bozzuto Group, which in April secured $27 million toward its $44.5 million purchase of a 132-unit building in Rosslyn, Va., the firm’s first multifamily buy in 16 years.
Amazon for its part has been busy expanding as well, though not in the multifamily sector. The tech giant last month announced that it had paid $218 million for 91 acres in Manassas, Va., currently approved for data center development. The deal is just another in a long series of data-center related investments in Virginia promised by Amazon — to the tune of a mere $35 billion.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
