NY Developer Pays $168M for Former Georgian Apts.

Pantzer Properties Inc., a New York-based development firm, acquired the 16-story apartment complex in Silver Spring, MD, formerly known as The Georgian from Stellar Management for $168 million, or about $188,764 per unit.

The newly named Point at Silver Spring delivered in 1968 and was renovated in 2006. The 891-unit property totals 900,795 square feet at 8750 Georgia Ave. and is managed by Panco Management of New York, according to CoStar information…

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