Chatsworth Park, a 576 unit multi family community in Manassas, Va.has been sold to Pantzer Properties’ affiliate, Panco Strategic Real Estate Fund III, for $115 million. Located at 8100 Chatsworth Drive, the asset changed hands for just over $199,650 per unit. Common amenities include a refurbished clubhouse with 24-hour media room, a business and a fitness center along with a swimming pool and an outdoor grilling area. At the the time of the sale the property, which will be rebranded as The Point at Manassas, was 95 percent leased. Dean Sigmon and Robin Williams of Transwestern’s Mid-Atlantic Multifamily Group represented the seller, The Bozzuto Group during the transaction.
“There has been extremely high demand for value-add investment opportunities like Chatsworth over the past year. There aren’t enough of these assets on the market to satisfy investor demand, so they are receiving significant attention from domestic and foreign capital. This asset went on the market in April and closed in July, an unusually fast closing period, further demonstrating investor appetite,” said Sigmon.
