Apollo and Vantage buy Harlem complex.

Apollo Real Estate Advisors and Vantage Properties, LLC announced that they have formed a joint venture to acquire Delano Village, a seven-building residential complex in New York City's Harlem Community. The acquisition is expected to be completed during the first quarter of 2006.

Financial details of the joint venture and the anticipated transaction were not disclosed.

Delano Village is an 1,800-unit rental complex located between 139th and 142nd Streets and Lenox and Fifth Avenues, and is one of Harlem's highest-regarded middle-income residential communities.

Built in the late 1950's, it features studio and one- and two-bedroom apartments, landscaped green space, playgrounds, ample parking, and convenient proximity to public transportation and highways. The 1.3 million-square-foot complex is 99 percent occupied.

Cushman & Wakefield's New York Capital Markets Group, along with Mitchell Konsker, marketed the property and arranged the sale on behalf of the current owner, Delano Village Associates LLC.

This investment is a continuation of Apollo's strategy to invest in the metropolitan New York market and is the first major acquisition for Vantage Properties, a privately-held property investment firm launched by Neil Rubler, former COO for the Olnick Organization.

"Apollo's involvement in this project is part of our ongoing strategy to focus investment on quality housing in Manhattan and the outer boroughs, which we believe are underserved." said James Simmons, Apollo partner.

"Affordable housing alternatives are diminishing throughout the region as real estate prices continue to appreciate, which we believe creates an intriguing investment opportunity. Apollo is actively seeking all types of creative residential transactions in New York and is planning on investing more than $1 billion in all property types in the New York metropolitan region over the next three years."

"Delano Village represents a unique opportunity to make a substantial single investment in stable, high quality middle-income rental housing in Manhattan," said Rubler. "It's truly a jewel of the vibrant Harlem community. We will look for ways to further enhance the residential experience so that Delano Village will continue to be a magnet for families for many years to come."