March 4, 2019
Melville, NY-based Fairfield Properties acquired a seven-property portfolio in New York’s Nassau and Suffolk Counties for $472.5 million. FCP partnered in the deal with a $100 million preferred equity investment for the garden-style multifamily assets.
The portfolio was assembled on a cohesive investment thesis of buying high-quality, Class B assets in markets with high barriers to new construction, access to diverse employers and strong school systems. Over the past 10 years, ownership made significant investments in the properties, creating an excellent overall condition for assets of this age. The result has been higher-than-average occupancy, continued rent growth and resident retention.
CBRE’s Jeffrey Dunne, Gene Pride, Eric Apfel and Alexander Virtue represented the owner and also procured the buyer. CBRE’s David Webb, Maxi Leachman and Brynn Wendel advised the buyers on the senior debt and preferred equity placement.
The properties in the portfolio include:
– Westwood Village, Westbury, NY: 242 units, constructed 1969-1971
– Heritage Square, East Meadow, NY: 80 units, constructed in 1951
– Cambridge Village, Levittown, NY: 82 units, constructed in 1969
– Yorkshire Village, Levittown, NY: 40 units, constructed in 1973
– Mid-Island Apartments, Bay Shore, NY: 232 units, constructed in 1975
– Southern Meadows, Bayport, NY: 452 units, constructed in 1970
– Lake Grove Apartments, Lake Grove, NY: 368 units, constructed in 1972
* Pictured Fairfield Properties’ Melville, NY HQ
For comments, questions or concerns, please contact Dennis Kaiser