FLORHAM PARK, N.J.--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $208 million sale of Atlantic Point Apartments, a 795-unit, Class A apartment community in the Suffolk County community of Bellport, New York. This sale represents the largest apartment sale ever to occur in Long Island.
HFF marketed the property exclusively on behalf of the seller, a joint venture between Pantzer Properties, Inc. and Savanna.
Atlantic Point Apartments, built in two phases in 2003 and 2004, comprises 137 two-story buildings with 183 one-bedroom, 346 two-bedroom and 266 three-bedroom residences. Situated on 115 landscaped acres, the property is located at 1220 Orchid Circle between the Long Island Expressway (Interstate 495) and Sunrise Highway (Route 27), and is approximately 55 miles east of New York City. Atlantic Point Apartments features a full amenity package highlighted by three amenity areas with outdoor swimming pools and tennis courts. Additionally, the gated community has a two-story clubhouse with a large fitness center, locker rooms, half-court basketball court, media room, business center, community room and large kitchen/bar area. The grounds feature several fountain ponds, playgrounds, dog parks and a walking trail. The apartment units average 1,133 square feet each with features including private entrances and direct-access garages, vaulted ceilings, in-unit washers and dryers, fireplaces and patios/balconies. The property was 96 percent leased at closing.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.
“The Atlantic Point property provides the new owner with great upside and the ability to add significant value,” stated Cruz. “The sellers took advantage of a terrific time in the capital markets for multifamily real estate.”
About Pantzer Properties, Inc.
Pantzer Properties, Inc. is one of the largest apartment owners on the East Coast of the United States with nearly $3 billion in real estate assets. Pantzer is a fully integrated owner / operator with approximately 275 employees and the in-house capability to source, analyze, finance and execute transactions as well as operate and manage real estate assets through its wholly-owned management company. Founded in 1971, Pantzer is headquartered in New York City and has offices in Rochelle Park, NJ, Philadelphia, PA and Herndon, VA. Further information is available at www.pantzerproperties.com.
Savanna, formed in 1992, is a vertically-integrated real estate investment manager and institutional fiduciary based in New York City and focused on strategic property investments throughout the City’s five boroughs. The firm, led by Managing Partners Christopher Schlank and Nicholas Bienstock, pursues real estate equity and debt asset investments, including ground-up development and major repositioning projects. Savanna’s equity investments target superior risk-adjusted returns by adding value through asset management and/or property development, redevelopment, and repositioning, deploying a team of more than 30 experienced investment, asset management, construction, and leasing professionals. Savanna selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested over $3 billion in total capital across nearly 14 million square feet of real property.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.