Silver Spring Georgian Apartments Sold, To Be Renamed
The high-rise apartment complex will soon be called “The Point at Silver Spring.”
The Georgian, an 891-unit high-rise apartment building and a distinctive part of the downtown Silver Spring skyline, was sold Tuesday to a New York-based company, the Wall Street Journal reported.
Along with a new owner, the building’s getting a new name: The Point at Silver Spring.
Pantzer Properties Inc. paid $168 million for the property, which had been in bankruptcy for one year prior, according to Washington Business Journal. The prior management company, Stellar Management, refinanced the property’s mortgage to renovate the building, creating about $215 million in debt by 2007, the WSJ said.
The company wasn’t able to raise rents as expected and the upgrades were never finished, Wall Street Journal reported.
The Point at Silver Spring, located at 8750 Georgia Ave., will be managed by Panco Management Corp., Pantzer’s apartment management partner, Washington Business Journal reported.