HFF Closes Record Sale of Atlantic Point Apartments in Long Island, New York
February 22 2017 - 4:24PM
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.
About Savanna
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.
About HFF
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170222006616/en/
HFFJOSE CRUZ, (973) 549-2000HFF Senior Managing
Directorjcruz@hfflp.comorOLIVIA HENNESSEY, (713) 852-3500HFF
Public Relations Specialistohennessey@hfflp.com
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jul 2023 to Jul 2024