February 23, 2017
Investcorp paid $208 million for Atlantic Point Apartments in Bellport, NY, representing the largest sale of an apartment property ever recorded in Long Island.
“The sellers took advantage of a terrific time in the capital markets for multifamily real estate,” said Jose Cruz, senior managing director for HFF, which represented the sellers, a joint venture between Pantzer Properties, Inc., and Savanna. “The Atlantic Point property provides the new owner with great upside and the ability to add significant value.”
The 795 apartments at 1220 Orchid Circle were built in two phases in 2003 and 2004, which includes 137 two-story buildings on 115 landscaped acres. The buyer, Investcorp, in an international investment firm with offices in New York, London, Bahrain, Abu Dhabi, Riyadh and Doha.
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