Pantzer Properties has acquired a 393-unit apartment building in Miramar for $161 million. The purchase follows the recent closing of Pantzer’s $1 billion Panco Strategic Real Estate Fund VI, which is focused on multifamily properties along the East Coast.
The eight-story property, located at 1-3 Main Street, was sold by Boston-based Rockpoint and Coconut Grove-based Related Group. According to public records, Pantzer secured a $102.4 million Fannie Mae loan to finance the transaction. The sale price amounts to about $409,700 per apartment.
The sellers, Related—led by the Pérez family—and Rockpoint—led by Bill Walton and Keith Gelb—completed construction of the building last year after acquiring the 3.8-acre development site in 2021 for $3.2 million.
Pantzer has renamed the building The Point at Miramar. The complex offers studio through three-bedroom units with monthly rents ranging from $1,489 to $4,835, as listed on Apartments.com.
A company news release states that Pantzer, led by Jason and Jordan Pantzer, closed its latest fund last month. An affidavit signed by Jordan Pantzer in Broward County indicates that Panco Fund VI Holdings is the sole member of the entity that purchased the Miramar apartments.
“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 continues to be active in South Florida’s apartment market. Last year, it acquired two other properties: The Point at Palm Beach Grove in West Palm Beach for $83.5 million and The Point at Lakeside in Doral for $139.2 million.
Multifamily investment sales have increased recently across South Florida despite higher interest rates and slower population growth from out-of-state residents. Many buyers are utilizing loans from agencies such as Freddie Mac and Fannie Mae or turning to insurance companies for financing options.
Other recent transactions include West Shore’s purchase of Palm Beach Gardens Apartments—a 542-unit complex—for $117.9 million earlier this month and Tishman Speyer’s acquisition last month of Bell at Broken Sound Apartments in Boca Raton for $124.5 million.
