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NEW YORK CITY-Newly formed private real estate development firm Vantage Properties LLC has teamed with Apollo Real Estate Advisors to acquire a residential complex in Harlem. Sources tell GlobeSt.com that the purchase price for the 1,800-unit community was approximately $175 million.

Neil L. Rubler, formerly chief operating officer of the Olnick Organization, Inc., serves as president of Vantage. The firm will pursue investments in multifamily and office properties in the New York tristate area where it can add value through market repositioning and strong property management. It will also pursue development projects. "This is a great time to be a property investor in the New York region--one of the strongest markets in the nation--and the right time for me to launch my own firm," Rubler says.

Delano Village consists of 1,800 units in seven buildings between 139th and 142nd streets and Lenox and Fifth avenues. It is 99% occupied. The deal is expected to close before the end of the first quarter. Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham of Cushman & Wakefield's New York Capital Markets Group, along with the firm's Mitchell Konsker, represented the current owner, Delano Village Associates LLC.