The Bennington, a 19-story high-rise apartment building in the Pentagon City submarket in Arlington County, VA, has been sold for $101.1 million. The 282,617-square foot propert was built in 1981 and is located at 1201 South Eads Street. It contains 348 units, 4,769 SF of retail and a five-story parking garage with 347 spaces. The buyer was Pantzer Properties, through its Panco Strategic Real Estate Fund II, LP, from The Carlyle Group and The Bainbridge Companies which acquired the building in 2007 for $93.6 million.
Pantzer Properties has been building its portfolio in the DC market, having purchased over $1 billion in multi-family assets over the past few years. The Bennington will now be known as The Point at Pentagon City and will be managed by Pantzer Properties management company, Panco Management.
“This exceptional property features a terrific upside in an improving submarket. Residents have easy access to a myriad of daily necessities in and around the community, with new offerings such as the Whole Foods across the street that’s set to deliver in 2017,” said CBRE Vice Chairman Bill Roohan.
In addition to its location within a rapidly growing residential, upscale retail, and commercial area, the asset is just two blocks from the Pentagon City Metro Station (blue and yellow lines), one Metro stop from the Pentagon, and minutes from I-395, providing easy access to the entire DC region.
CBRE’s Andy Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf, and Adam Dunn collaborated with Roohan in representing the seller.