Atlantic Point Apartments
Property: Atlantic Point Apartments
Purchased: $207,750,000 on February 1, 2017
Property Type: Class A Multi-Family Apartments
Total Number of Units: 795 units
Capital Equity Group purchased Atlantic Point Apartments on February 1, 2017 for a price of $207,750,000. The property is a 795-unit multifamily and is located in the Hamlet of Bellport, New York on Long Island. Atlantic Point Apartments was built in 2003 and consists of approximately 900,990 rentable square feet on 115 acres.
The property is made up of 32 residential buildings, 2 garages, a clubhouse, fitness center and two carwashes. The 32 Residential buildings consist of 795-units with an average square footage of 1,133 per unit. It is located on Long Island and is approximately 50 miles east of Manhattan. Long Island also provides its residents access to an extensive transportation network consisting of: 3 major East-West highways, The Long Island Railroad, and two major airports JFK International and LaGuardia. The residential marketplace on Long Island has a history of success, and the close proximity to Manhattan as well as easy access to transportation makes it an attractive place to live.
“We have looked at a number of opportunities over the last few years to acquire an apartment project in the New York market. Our efforts have paid off with the acquisition of Atlantic Point Apartments,” said Mark Tiefel, President of Capital Equity Group. “We have set aside capital for planned upgrades at the property including a remodeled fitness center and a redesigned clubhouse which will include a new cyber café lounge.