Melville-based Fairfield Properties expanded its growing portfolio of Long Island rental communities with its acquisition of the 225-unit Sutton Landing at Mount Sinai.
The price was not disclosed, though real estate sources say it was north of $100 million.
The sale of the Mount Sinai property comes on the heels of Fairfield’s acquisition of the 200-unit Sutton Landing at Deer Park rental community in October. Fairfield has renamed that community Fairfield Knolls at Deer Park.
Opened in 2020 and built by Jericho-based B2K Development along with its investment partner Harrison Street, Sutton Landing at Mount Sinai is a mix of two-story, garden-style apartments and single-story single-family rentals for people aged 55 and over. Amenities include a clubhouse with fitness center, yoga room/Pilates studio, massage room, game room, lounge area with coffee and sports bar, leasing office, catering kitchen and secured storage spaces. The complex has an outdoor pool with an outdoor kitchen, fire pits, pickleball courts, two putting greens, a bocce ball court and walking paths.
B2K also built The Bristal at Mount Sinai assisted living facility on the 24-acre development site it shares with the Sutton Landing complex. Also opened in 2020, The Bristal at Mount Sinai, not part of the sale to Fairfield, has 76 assisted living apartments, and 44 additional apartments within its Reflections neighborhood, a memory care program that specializes in helping aging adults manage Alzheimer’s disease and other memory-related cognitive disorders.
B2K has created some 5,000 multifamily condos and rentals, developing over-55 and non-age-restricted residential communities for more than two decades. B2K has one other Sutton Landing community on Long Island, the 198-unit Sutton Landing at Uniondale. The company is currently developing a new Sutton Landing project on 7.2 acres in Commack that will have 86 rental townhouses.
Harrison Street, headquartered in Chicago and London, has deployed a significant amount of capital in senior housing. The firm has invested more than $13.8 billion in senior housing properties including more than 41,700 independent living, assisted living and memory care units.
Fairfield, Long Island’s largest apartment landlord, now has a massive portfolio of 225 multifamily communities totaling more than 15,000 units.
Jeff Dunne and Eric Apfel of CBRE’s New York Metro Institutional Sales team and Aron Will, John Sweeny and Scott Bray of CBRE’s Senior Housing team secured the buyer and arranged the deal’s financing via its Freddie Mac Optigo lending platform. Assisting in arranging the financing was Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz of the CBRE Debt and Structured Financing Team, along with Will and his Senior Housing team colleagues Matthew Kuronen, and Michael Cregan.
“We are pleased to have represented B2K and Harrison Street in the sale of Sutton Landing at Mount Sinai,” Dunne said in a company statement. “B2K brings incredible attention to detail to their communities from their amenities to their unit finishes. They have created an exceptional platform and brand which is delivering exceptional and attainable housing options to the residents of Mount Sinai and Long Island. We expect the buyer, Fairfield Properties, will realize the benefits of owning such a high-quality property for years to come.”
Will added that there was significant interest from prospective buyers because offerings of senior housing on Long Island are rare.
“Residents benefit from access to coveted employment sectors of healthcare, higher education and finance which drives a robust employment sector,” Will said in the statement. “The buyer will benefit greatly from steady cashflow and high occupancy rates due to the strong demand for active-adult rental product on Long Island.”
Image and article originally from libn.com. Read the original article here.