Fairfield Properties adds 55+ apartment community to LI portfolio

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Fairfield Properties, Long Island’s biggest residential
landlord, has acquired an age-restricted luxury apartment building in Roslyn,
New York.

Marcus & Millichap announced it brokered the sale of The
Horizon at Roslyn, a 50-unit, 55-plus building for $33 million, or $660,000 per
unit, the highest price per unit for a Long Island multifamily property over 10
units.

Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo in
Marcus & Millichap’s Manhattan office represented the seller, Horizon at
Roslyn LLC, and secured the buyer, Fairfield Knolls LLC.

“The quality of The Horizon at Roslyn’s luxury apartments
and the breathtaking views were the main drivers of the investment,” said Tuccillo.
“The record price per unit is a clear indication that Long Island is a prime
market for investors.”

The Horizon at Roslyn is located at 61 Bryant Ave., minutes
from Downtown Roslyn Village, near golf courses, parks, and the harbor area.

Owned and led by the Broxmeyer family, Fairfield Properties
owns more that 12,000 units, primarily in Nassau and Suffolk with about two
percent in Queens. It acquired about 85 percent and built 15 percent — or 1,000
units — since its founding in 1974.

In 2019, it paid nearly half-billion-dollars for a
seven-property portfolio of 1,496 units from Lone Star Funds.

The company has a large portfolio of 55 & Over properties
across Long Island offering “resort style” living for active adults and amenities
that include social hall and party kitchens, health clubs, swimming pool, game
and hobby room. Some have tennis and shuffleboard courts, putting greens and
nature trails as well as Grandchild Tot Lots and kiddie pools.

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