A joint venture between Pantzer Properties, Inc. and Savanna has sold the 795 unit Atlantic Point Apartments in the Suffolk County community of Bellport, New York. The $208 million price tag sets a record for a Long Island multifamily property. The community was built in two phases in 2003 and 2004 and encompasses 137 two story buildings with 183 one bedroom, 346 two bedroom and 266 three bedroom residences. Resting on a 115 acre site, 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. Trading for just over $261,635 per unit, the apartment complex was 96 percent leased at closing. Holliday Fenoglio Fowler represented the sellers during the transaction.
