National + Pennsylvania + Apartments | July 23, 2019

Pantzer Grows Philly Holdings with Toll Brothers Project

Pantzer Properties has acquired Toll Brothers’ recently developed Riverworks apartment complex in Phoenixville, PA for $77.8 million, the Philadelphia Business Journal reported. The 349-unit complex was completed in 2016.

Riverworks was one of the biggest apartment projects to get underway in Phoenixville in recent years, according to the Business Journal. The six-building complex at 45 N. Main St. sits on 30 acres that had been part of the long-closed Phoenix Steel Co., and is within walking distance of Phoenixville’s restaurants and retail.

New York City-based Pantzer now owns eight Philadelphia-area multifamily properties, including three in Philadelphia itself: the Sansom, the Point at Rittenhouse Row, and the Point at City Line.

The majority of Pantzer’s apartment buys have been rebranded post-acquisition with its Point flag. Riverworks is now listed on the Pantzer website as the Point at Phoenixville.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).