The VY at Reston Heights apartment community has been rebranded The Point at Rise following its Dec. 11 sale to institutional fund manager Pantzer Properties.
The building, located at 11830 Sunrise Valley Drive, was built in 2018 by JBG Smith and has 385 residential units, including two-story loft style townhomes. Gold’s Gym, Reston Kabob and My Home Thai occupy its street-level retail spaces.
Immediately following the sale, Panco, Pantzer’s property management division, assumed management responsibilities from South Carolina-based Greystar.
A company spokesperson declined to discuss details of the sale. As of press time, a deed for the sale was still going through the Fairfax County Circuit Court’s verification process, so local real estate records have not been updated yet to reflect the change in ownership.
The Point at Rise is Panco’s second property in Reston, an ideal location because of its proximity to Dulles International Airport, D.C. and the area’s top employers, according to Panco.
Panco manages upscale properties in six states. Its nine Virginia properties are located in and around Fairfax and Arlington counties, including The Point at Reston, The Point at Herndon and The Point at Fairfax.
The acquisition follows Pantzer Properties’ launch of a strategic real estate investment fund in October that holds more than $1 billion in capital.
The fund is the latest in a series of real estate investment vehicles established by Pantzer for the operation and acquisition of multifamily properties on the East Coast, according to a press release.
“The strong demand for Fund VI reflects investor confidence in our proven strategy, the strength of our team, and the compelling opportunities within the multifamily sector,” co-CEOs Jason and Jordan Pantzer said in a statement. “We are grateful for the support of our long-standing and new investors. We look forward to deploying this capital with the same discipline and focus that has defined our platform for nearly two decades.”
