Long Island Apartments Trade for $208M
The Suffolk County community’s price sets a new record, according to HFF.
Bellport, N.Y.—A joint venture between Pantzer Properties Inc. and Savanna has sold Atlantic Point Apartments, a 795-unit apartment community in the Suffolk County town of Bellport, N.Y., for $208 million. According to HFF, the sale represents the largest apartment deal ever on Long Island, with the apartments going to an undisclosed buyer.
The property, built in two phases in 2003 and 2004, comprises 137 two-story buildings with 183 one-bedroom, 346 two-bedroom and 266 three-bedroom units. Located on 115 acres, the community is at 1220 Orchid Circle between the Long Island Expressway (I-495) and Sunrise Highway (New York 27), and is about 55 miles east of New York City.
Common amenities are clustered in three amenity areas with outdoor swimming pools and tennis courts. Also, 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.
Atlantic Point Apartments’ units average 1,133 square feet each, with such features as 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 sellers took advantage of a terrific time in the capital markets for multifamily real estate,” said Cruz.