Glade Drive Apartment Complex Sells for $32 Million to N.Y.-Based Firm

Real-estate investment firm Pantzer Properties has purchased an apartment complex in Reston for $32 million.

Homestead at Reston (12265 Laurel Glade Court) consists of 200 units in 17 buildings off Glade Drive, adjacent to Dogwood Elementary School. It was previously known as Reston Glen.

Sales firm Berkadia, who brokered the transaction between Pantzer Properties and Texas-based sellers Crescent Real Estate Equities, announced the deal in a press release Tuesday.

“Reston Glen is well positioned in one of the most dynamic submarkets of Washington, D.C.,” said Scott Melnick, Berkadia senior managing director, in the release. “Pantzer Properties will be able to take advantage of economies by adding this property to its already significant roster of Northern Virginia holdings.”

According to the press release, the complex was built in 1974.

New York-based Pantzer Properties also owns The Point at McNair and The Point at Dulles, both in Herndon, along with numerous other residential properties in Virginia, Maryland, Delaware, Pennsylvania, New York and New Jersey. Reston Now has made a request to Pantzer Properties for more details about the transaction, and this article will be updated if and when more information is made available.

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