$146 million sale of Long Island multi-unit community
JLL Capital Markets today announced the closing of the $146 million sale of The Wel, a newly constructed, mid-rise, 260-unit luxury multi-unit community located in Lindenhurst, New York, along the south shore of Long Island. The sale price of $146 million was for both real estate and the massive 30-year IDA tax package; no details were provided on the prize breakdown.
JLL represented the seller, a JV between Tritec Real Estate Company, Inc. and a subsidiary of Rockwood Capital. Fairfield Properties acquired the asset.
Built in 2021, The Wel features studio, one-, two-, and three-bedroom units with wood cabinetry, stone countertops, spacious closets, designer bathrooms, vinyl floors, countertops, open floors, built-in washers and dryers, stainless steel appliances, tiled showers and an average unit of 916 square feet. Community amenities include pool and deck, state-of-the-art fitness center, pool table, game room, open kitchen, rooftop deck, fire pits, BBQ stations, car wash for dogs, bicycle storage, a landscaped courtyard, outdoor spaces and garage and co-working space.
Residents benefit from the property’s proximity to iconic coastal sites, such as Jones Beach, Fire Island and The Hamptons, as well as proximity to the recently revitalized downtown area, with restaurants, shops and breweries along the main thoroughfare of Welwood Avenue Lindenhurst. The Wel is conveniently located at Lindenhurst Station on the Long Island Railroad, providing convenient access to New York City and is strategically located near I-495, 27-A and the Southern State Parkway, providing connectivity to all Long Island’s major highways and the greater tri-state area.
The JLL Capital Markets sales and advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy. This is the team’s fourth completed transaction on Long Island in the past six months.
“Long Island continues to be one of the strongest rental markets in the region, which has led to a very short rental lead time at The Wel and exceptional interest from the investment community,” said said Simonelli. “The Tritec and Rockwood development team have added a transformative property to the Lindenhurst market.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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