CBRE Negotiates $472.5M Sale of Multifamily Portfolio in Long Island
LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million.
The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties.
The following properties were included in the portfolio:
- Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971;
- Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951;
- Cambridge Village in Levittown, an 82-unit property that was completed in 1969;
- Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973;
- Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975;
- Southern Meadows, a 452-unit asset in Bayport that was completed in 1970;
- Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972
All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s amenity spaces and unit interiors.
Jeffrey Dunne, Gene Pride, Eric Apfel and Alexander Virtue of CBRE represented both parties in the transaction. CBRE also arranged an undisclosed amount of acquisition financing for the deal. In addition, Maryland-based FCP provided $100 million in preferred equity for the deal.
“There was incredible interest in the properties,” says Dunne. “This class of workforce housing is in high demand because of a shortage of quality Class B apartments and the slow pace of new construction on Long Island.”
— Taylor Williams