Ballard Spahr real estate attorneys served as deal counsel to Pantzer Properties, Inc., in its transaction, closed on May 1, 2015, to pay $110.5 million for the Monterey, a 432-unit apartment property in the Washington, D.C., suburb of North Bethesda, Maryland.

Pantzer, a New York-based investment company, is buying the property at 5901 Montrose Road from a venture of Angelo, Gordon & Co. of New York and Federal Capital Partners of Bethesda.

Once known as the Pavilion, the property consists of three 16-story buildings. The property is roughly 98 percent occupied. Units have up to three bedrooms each with an average of 1,015 square feet. The complex includes a resort-style swimming pool, fitness center, business center, and more than 4,000 square feet of retail commercial space. The property also includes 659 parking spots in structured parking.

The Ballard Spahr team that worked on the deal was led by Thomas A. Hauser of the firm’s Baltimore office.

Pantzer Properties, Inc. is a fully integrated owner / operator of investment properties on the East Coast of the United States. Founded in 1971, Pantzer has approximately $2 billion in assets and is the sponsor of three fully discretionary real estate funds, known as the Panco Strategic Real Estate Funds. Since its inception, Pantzer has been involved in approximately $5 billion of real estate transactions.

Related Areas

Real Estate
Real Estate Finance and Capital Markets