Avalon Pines, a 450-unit apartment building in Coram, N.Y., has traded for $140 million, or about $311,000 per unit. The sale also included the adjacent Pine Ridge Golf Club, which includes 18 holes, clubhouse, golf shop and the Grill at Pine Ridge Golf Club restaurant.
The buyer was San Francisco-based private investor Friedkin Realty Group, making its first investment in the New York area. The sale was an off-market deal with Pat Gniadek representing Avalon Bay, the seller.
Friedkin has changed the property’s name to The Point at Pine Ridge. This is the company’s first investment in the New York metro, but Friedkin says it is looking to expand its presence in the area.
The property includes both garden-style apartments and townhomes, offering one and two bedroom units. Common amenities include a swimming pool, tennis court, fitness facility, playground, attached and detached garages, and a clubhouse.
Coram is a town of about 39,000 in Suffolk County on Long Island. Friedkin plans enhancements to the property, including renovations to apartment interiors and other amenities.