WASHINGTON, D.C. — A joint venture between Dune Real Estate Partners and Pantzer Properties has acquired the Magazine Portfolio for $460 million. The portfolio comprises eight apartment communities totaling 2,580 units that are located in the Washington, D.C., metro area. The Class A/B+ properties were constructed between 1975 and 1991. They include:
• Barton's Crossing, a 532-unit property located in Alexandria, Va.;
• Carlyle Station, a 408-unit property located in Manassas, Va.;
• Fox Run, a 218-unit property located in Germantown, Md.;
• Glen at Leesburg, a 134-unit property located in Lessburg, Va.;
• Lionsgate at Herndon, a 328-unit property located in Herndon, Va.;
• University Heights, a 467-unit property located in Ashburn, Va.;
• Village at McNair Farms, a 283-unit property also located in Herndon; and
• Watkins Station, a 210-unit property located in Gaithersburg, Md.
Dune and Pantzer made the acquisition on behalf of Panco Strategic Real Estate Fund I, a 50-50 joint venture between the two companies. The transaction included the assumption of the properties' existing debt. Panco Management, the in-house management division of Pantzer Properties, will manage the communities under the brand name “The Point.”
The Mid-Atlantic office of Jones Lang LaSalle brokered the deal. Law firm Ballard Spahr represented the buyer in negotiations.
— Coleman Wood