Jose Cruz, HFFBellport, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the $208 million sale of Atlantic Point Apartments, a 795-unit, class A apartment community in Suffolk County. 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. 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.
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 IslandExpressway (Interstate 495) and Sunrise Hwy. (Rte. 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 s/f 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 Atlantic Point property provides the new owner with great upside and the ability to add significant value,” said Cruz. “The sellers took advantage of a terrific time in the capital markets for multifamily real estate.”
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