"It was a hard-fought deal," Pantzer VP Jordan Pantzer, tells GlobeSt.com, adding that firm won a bidding war with approximately 50 to 60 bidders. He also says that the multi-phase deal took approximately 10 months and involved "a lot of structuring."
Alexan Brookhaven contains 795 luxury rental units in total, with 597 apartments and town homes in Phase I and 198 in Phase II. The property--including both phases--is situated on 117 acres and has two full-service clubhouses, four swimming pools, three tennis courts and 14 ponds.
"It's a well-planned out community," Jordan Pantzer says, adding that it's the biggest apartment community in Suffolk County. "There are seven apartments per acre. It has a very uncluttered feel."
The main clubhouse is in excess of 10,000 sf and has an indoor basketball court, state-of-the-art fitness center, modern business center and conference facilities, media room, billiard room and leasing center. The apartments and town homes average 1,134 sf and feature amenities including private attached garages, individual entrances, full-size European-style kitchens, wall-to-wall carpeting, full-size washers and dryers, digital security systems, vaulted ceilings, pre-wiring for Internet and cable access in every room, central air conditioning, and smoke and carbon monoxide detectors.
Edward S. Pantzer, president & CEO and founder of Pantzer says, "This property is keeping with our focus on class A and B multifamily assets in our core markets of the Northeast and Mid-Atlantic States."
Pantzer is a privately owned, fully integrated, owner/operator of multifamily apartment communities in the Northeast and Mid-Atlantic States. Pantzer, which has a 33-year history in the multi-family apartment, office and retail sectors, having acquired and financed approximately $1.5 billion in real estate, has a portfolio of approximately 5,000 apartments. Pantzer has an annual acquisition target of $250 million.
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