The closing of a multi million deal was announced between the buyers, Pantzer Properties, Inc and Dune Real Estate Partners, and Magazine Holdings, the seller for multifamily buildings — commercial properties located at suburban Washington, DC. The commercial properties were acquired for about $460 million — making it the largest multifamily real estate transaction since 2008 in the United States.
In Tampa Bay area, another set of multifamily properties are recently sold to Area Property for about $78 million. Both the two commercial properties, Sabal Palm at Boot Ranch in Palm Harbor and Promenade are located in St. Petersburg, Florida with about 766 rental units in total.
The commercial properties were acquired by the companies in a 50% / 50% joint investment, and will be supervised by Pantzer Properties’ management section — Panco Management.
Magazine Holdings, the seller, acquired the commercial properties from the real estate investment trust portfolio of Town and Country.
Jones Lang LaSalle’s Mid-Atlantic branch brokered the multimillion transactions.
According to a principal from Dune Real Estate Partners, Cia Buckley, Dune’s recent commercial properties acquisition — the Magazine Portfolio, is inline with the company’s investment strategy.
In addition to the recent investment, according to company information, Dune has also recently formed a $1 billion joint investment platform — TDI/Dune Real Estate Investments, together with previous executives of JPI — a company that specializes in the development, acquisition, and management of residential neighbourhoods in Canada and the US, to expand and acquire multifamily properties across the U.S.
Pantzer Properties and Dune Real Estate Partners, before the recent multifamily deal, has previously partnered in a loan transaction in Manhattan, NY.
Pantzer and Dune’s recently acquired commercial properties are said to be 95 percent occupied.