Ballard Spahr represented the buyer of a $460 million portfolio of eight apartment complexes in Maryland and Virginia known as the "Magazine Portfolio." The deal is being called the largest multifamily real estate transaction in the nation since 2008.

The properties, totaling more than 2,500 units, are located throughout the Washington, D.C., metropolitan area in Northern Virginia and suburban Maryland. Ballard Spahr served as lead counsel for the buyer in connection with the acquisition and the assumption of the debt financing the properties.

"This is a significant transaction for our client, the industry, and the region," said partner Marci Gordon, who led the Ballard Spahr team."We believe it illustrates the continued performance of the multifamily market, both nationally and in greater Washington, D.C."

The buyer was a 50-50 joint venture between Pantzer Properties and Dune Real Estate Partners.

"This deal is the fourteenth investment that our fund, the Panco Strategic Real Estate Fund I LP, has made in two and a half years, and we are delighted to add such a terrific group of assets to our portfolio," said Edward Pantzer, CEO of Pantzer Properties. "We have worked with Ballard since 1982 as our general counsel, and their efforts, led by Marci Gordon, to close this transaction were extraordinary."

Ballard Spahr's real estate practice advises clients nationwide in the acquisition, financing, leasing, sale, and restructuring transactions. Ms. Gordon was assisted by Ballard Spahr attorneys Jamie B. Bischoff, Richard S. Perelman, Morton P. Fisher, Jr., Eben C. Hansel, Emily J. Alt, Marlene S. Gomez, and Michael C. Duffy.