Pantzer Properties has acquired a 393-unit apartment building in Miramar for $161 million. The deal follows the recent closing of Pantzer’s $1 billion Panco Strategic Real Estate Fund VI, which focuses 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. Public records indicate that Pantzer secured a $102.4 million Fannie Mae loan to finance the purchase. This translates to about $409,700 per apartment.
The building was developed by Related Group, led by the Pérez family, and Rockpoint, headed by Bill Walton and Keith Gelb. The developers bought the 3.8-acre site for $3.2 million in 2021 and completed construction last year.
Now renamed The Point at Miramar by Pantzer, the property features studios as well as one- to three-bedroom units. Rents listed on Apartments.com range from $1,489 to $4,835 per month.
According to a company news release and an affidavit signed by Jordan Pantzer filed in Broward County, Panco Fund VI Holdings is the sole member of the entity that purchased the Miramar apartments.
Pantzer Properties has been active in South Florida’s apartment market. Last year it acquired 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.
Despite higher interest rates and slower migration from out-of-state residents, South Florida has seen increased investment activity in multifamily properties recently. Many buyers are using financing from agencies like Freddie Mac and Fannie Mae or turning to insurance companies for loans.
Other recent transactions include West Shore’s purchase of Palm Beach Gardens Apartments for $117.9 million earlier this month and Tishman Speyer’s acquisition of Bell at Broken Sound Apartments in Boca Raton for $124.5 million last month.
