Long Island Construction Law does not own this content. This content was created by David Winzelberg and was published to the Long Island Business News on March 29th, 2022. To view the full article, please click here.
Two Long Island firms are the buyer and seller of a newly built rental complex in Lindenhurst. Fairfield Properties has purchased the 260-unit transit-oriented rental development called The Wel for $147 million.
The Wel was a joint venture between East Setauket-based Tritec and its capital partner San Francisco-based Rockwood Capital. Tritec began construction of the $103 million project in Oct. 2019 and opened the complex in Oct. 2021.
The Wel has a mix of studio-, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, game room and a rooftop deck.
The Wel, built on a 7-acre former industrial site at 75 East Hoffman Ave., is located directly across the street from the Lindenhurst Long Island Rail Road station. The development earned a Top Multifamily Project honor at LIBN’s Real Estate, Architecture & Engineering Awards last year.
Fairfield’s Lindenhurst purchase is the latest in a string of Long Island multifamily acquisitions for the fast-growing company. Earlier this year, the Melville-based apartment giant purchased the 310-unit Saddle Rock Apartments located on 41.3 acres at 1000 Saddle Rock Road in Holbrook and the 66-unit Saddle Cove Townhomes located on 8.7 acres at 100 Saddle Cove Road in Bohemia for a total of $160.7 million.
Late last year the company purchased the 214-unit Southpoint Apartment Homes community in Massapequa for $106 million and in Oct. 2021, Fairfield acquired a 200-unit apartment complex on 41 acres in Coram for $70 million.
Fairfield, Long Island’s largest owner and manager of rental housing, now has more than 13,000 apartments in more than 163 rental communities.
Fairfield was self-represented in the Lindenhurst acquisition, while Jose Cruz and Steve Simonelli of JLL represented the sellers in the deal that closed last week.
John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached by email: John@LIConstructionLaw.com or (631) 608-1346.
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Long Island Construction Law does not own this content. This content was created by David Winzelberg and was published to the Long Island Business News on March 29th, 2022. To view the full article, please click here.
