Fairfield Properties, a Melville-based owner and developer of commercial real estate, has completed a $472.5 million acquisition of seven apartment complexes across Long Island.
The property portfolio sale, which closed last week, includes 1,496 units of multifamily housing throughout Nassau and Suffolk counties. The deal represents the largest single purchase in the company's history, executives said. The firm purchased the properties from Home Properties Inc., a Rochester multifamily investment company owned by global private equity firm Lone Star Funds.
The properties include the 452-unit Southern Meadows in Bayport, to be renamed Fairfield Courtyard at Bayport; the 368-unit Lake Grove Apartments in Lake Grove, to be renamed Fairfield Courtyard at Lake Grove; 242-unit Westwood Village in Westbury, to be renamed Fairfield Jericho Townhomes; the 232-unit Mid-Island Apartments in Bay Shore, to be renamed Fairfield Courtyard at Bay Shore; 82-unit Cambridge Village and 40-unit Yorkshire Village, both in Levittown, to be renamed Fairfield Village and Fairfield Tudor at Levittown, respectively; and 80-unit Heritage Square in East Meadow, to be renamed Fairfield Square at East Meadow.
“The opportunity to buy a portfolio of this size doesn’t come along very often on Long Island,” said Gary Broxmeyer, managing partner at Fairfield.
“We know the properties very well, and we know the locations well,” said Broxmeyer's nephew, Fairfield managing partner Michael Broxmeyer. “They fit perfectly into our portfolio.”
The company, which owns and manages more than 145 apartment communities totaling around 11,500 rental units on Long Island and in Queens, plans to invest in upgrades at the newly purchased apartments.
Maryland-based FCP, a privately held real estate investment company, joined in the portfolio purchase, with Fairfield as the majority partner.
“We’re going to be investing heavily in the improvements inside the apartments, as well as the exterior of the properties,” Gary Broxmeyer said.
Westwood Village is in Westbury. The location was incorrect in an earlier version of this story.