$146M sale of Long Island multi-housing community
JLL Capital Markets completed the sale of the 260-unit The Wel in Lindenhurst, New York
MORRISTOWN, N.J., April 7, 2022 – JLL Capital Markets announced today that it has closed the $146 million sale of The Wel, a 260-unit, newly constructed, mid-rise, luxury multi-housing community located in Lindenhurst, New York, along the South Shore of Long Island. The $146 million sale price was for both the real estate as well as the significant 30-year IDA tax package; no details were supplied on the price allocation.
JLL represented the seller, a JV between Tritec Real Estate Company, Inc. and an affiliate of Rockwood Capital. Fairfield Properties acquired the asset.
Built in 2021, The Wel features studio, one-, two- and three-bedroom units with wood cabinets, stone countertops, spacious closets, designer bathrooms, vinyl wood flooring, open floorplans, in-unit washers and dryers, stainless steel appliances, tiled showers and an average unit size 916 square feet. Community amenities include a pool and patio deck, state-of-the-art fitness center, pool table, game room, open kitchen, rooftop lounge deck, firepits, barbecue stations, dog wash station, bike storage, landscaped courtyard, open-air and garage parking and co-working space.
Residents benefit from the property’s proximity to iconic coastal locations, such as Jones Beach, Fire Island and The Hamptons, as well as the walkability to the newly revitalized downtown, featuring restaurants, shops and breweries along Welwood Avenue Lindenhurst’s primary thoroughfare. The Wel is conveniently located at the 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, offering connectivity to all major Long Island 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 closed transaction on Long Island in the last six months.
“Long Island continues to be one of the strongest rental markets in the region which led to a very short lease up timeframe at The Wel and exceptional interest from the investment community,” Simonelli said. “The development team of Tritec and Rockwood added a transformative property to the Lindenhurst market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tritec Real Estate Company, Inc
Founded in 1986 by brothers Robert J. and James L. Coughlan, TRITEC Real Estate Company is a real estate project delivery organization dedicated to delivering high-quality, trustworthy performance and lasting value. TRITEC Real Estate Company—comprising TRITEC Development Group, LLC, TRITEC Building Company, Inc., and TRITEC Asset Management, Inc.—has established itself as a leader among commercial real estate companies, with a long history of successfully acquiring, developing, constructing, financing, leasing, and managing real estate projects in the New York and D.C. metro areas. For more information, visit tritecre.com.
About Rockwood Capital
Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States. Rockwood is a more than 80-person organization with offices in New York, New York, San Francisco, California, and Los Angeles, California. Since inception, Rockwood and its principals have invested in approximately $36.6 billion of real estate and real estate-related assets (gross asset value). As of Q4 2021, Rockwood manages a portfolio of approximately $12.2 billion (gross asset value). Rockwood’s international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high-net-worth individuals and family offices. For more information, visit rockwoodcap.com.
About Fairfield Properties
Fairfield Properties, headquartered in Melville New York, is Long Island's largest multifamily owner with nearly 50 years' experience in the ownership and management of multifamily apartment communities. The company currently owns and operates an award-winning portfolio. This portfolio consists of 200 Apartment Communities representing nearly 14,000 residential apartments. In addition, Fairfield Properties owns and operates 18 office buildings totaling over 1.8 million square feet.