Savanna, Pantzer Ink $196M Long Island Complex Deal

Law360, New York (March 12, 2012, 6:47 PM EDT) -- New York private equity firm Savanna expanded its office space-heavy portfolio, striking a $196 million deal to acquire a sprawling, 117-acre luxury apartment and townhome complex on Long Island, the company said Monday.

Savanna secured a majority stake in the 795-unit Atlantic Point development, located in Bellport, N.Y., from New York-based real estate developer Pantzer Properties on Feb. 1. Monthly rents for the high-end complex range from $1,395 to $1,965 for the one-, two- and three-bedroom homes, with on-site amenities that include swimming pools, tennis and basketball courts and a fitness...
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