WASHINGTON, D.C. and RICHMOND, Va. – August 18, 2020— Berkadia announced the sale of Palisades at Manassas Park, a 304-unit, 2016 vintage, luxury asset that is located in the Washington, D.C. metro multifamily market. Senior Managing Director Drew White of Berkadia’s D.C. Metro office represented the seller, Atlanta-based Oxford Properties, in the off-market trade to New York City-based Pantzer Properties, Inc.
Senior Managing Director J. Tyler Blue and Managing Director Paul Wallace also of Berkadia’s D.C. Metro office arranged the buyer’s financing with debt.
“Palisades at Manassas Park presented a unique opportunity that highly benefits from its prime transit-oriented location that is within a half-hour drive from many of the region’s most concentrated employment centers,” said White. “Manassas Park and Prince William County continue to cement themselves among the fastest growing life sciences and biotechnology clusters in the D.C. metro area. The buyer of Palisades at Manassas Park will benefit from the expansion of the park, as well as the property’s walkable proximity to the VRE commuter line, which provides direct access to the Downtown D.C. core.”
“We were impressed with Pantzer Properties, Inc.’s focus on getting this acquisition closed, as they had put the property under contract during the COVID-19 health crisis, and Pantzer’s deep experience ensured a smooth transaction,” said Blue.
“Oxford Properties and Pantzer Properties were great to work with throughout the acquisition process, particularly given the uncertain economic environment,” said Wallace. “Through constant communication from a dedicated, professional team assigned to our transaction, we knew we could deliver exceptional financing terms and close this transaction with certainty of execution.”
Located at 8100 Palisades Circle, Palisades at Manassas Park is in Old Town Manassas and a short walk from the Virginia Railroad Express, affording convenient access to Washington, D.C. The property is also located 6.7 miles from Innovation Technology Park, which is home to various key regional employers that includes the FBI, Amazon, Lockheed Martin, Micron, and Inova Health System. The property features one- and two-bedroom floor plans with large closets and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, an outdoor area with grilling stations and a clubhouse.