LI multifamily giant adds another 200 units to portfolio

by

Fairfield Properties, already Long Island’s biggest
residential landlord, has added another 214-units to its portfolio.

JLL Capital Markets announced that it brokered the sale of
Southpoint at Massapequa, a luxury, multi-housing community located at 25
Weaver Drive in Massapequa, NY.

JLL represented the seller, JRK Property Holdings, which has
owned the property since 2013, according to property records.   

The property features a mix of one-, two- and three-bedroom homes,
some of which are townhouse style. Community amenities include a resort-style
pool, sundeck, fitness center, “bark park”, outdoor BBQ area and valet trash
collection.

Situated on the South Shore of Long Island in Nassau County,
the community is close to Jones Beach and Fire Island as well as various
restaurants, parks, schools, grocery stores and shopping. The property is also
located off of NY-27 providing connectivity to all major Long Island highways
and offering accessibility to Suffolk County and the greater Tri-State area.

 In addition,
Southpoint is less than two miles from the Amityville and Massapequa Park train
stations, allowing convenient transportation to New York City by public transit
or car.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Director Steve Simonelli, Senior Managing Director Jose Cruz, Managing Director Michael Oliver, Senior Managing Directors Kevin O’Hearn and Andrew Scandalios and Analyst Josh Stein.

“Interest in Long Island multi-housing communities continues
to be at an all-time high. The quality of the property and location, along with
the upside in rents at Southpoint drew interest from national institutional
investors as well as the local and regional private investors,” stated
Simonelli.

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.

(Visited 1 times, 7 visits today)