$80M Luxury Community for Seniors Coming to Long Island
Triangle Equities is teaming up with GTIS Partners to develop Kensington Estates, an upscale community targeting seniors aged 55 and over in Woodbury, N.Y.
A joint venture between Triangle Equities and GTIS Partners is developing Kensington Estates, an $80 million luxury 55-and-over townhome community in Woodbury, N.Y.
Located at the intersection of Jericho Turnpike and Plainview Road on Long Island, Kensington Estates will consist of 80 units on over 18 acres, with 6 acres designated as open space.
“It will feel like a sprawling wooded development rather than a denser feel from a community with several hundred units,” Lester Petracca, Triangle Equities’ president & CEO, told MHN. “In addition, it is exclusively 55 and over, where other developments have a mix of both age restricted and non-age restricted units.”
The exclusive and intimate gated community will feature lush and meticulously landscaped grounds, as well as state-of-the-art amenities, including a clubhouse with a fitness center, yoga studio, lounge, billiard room and event space, as well as an outdoor pool and veranda, Har-Tru tennis court and tranquil pond.
“The population on Long Island is aging and there is a tremendous demand for an active lifestyle community for those 55 and over,” Petracca said. “Those who raised their children in this community with large homes would like to now have a maintenance-free lifestyle, while remaining in the neighborhood they love.”
The community will be situated in one of the most desirable neighborhoods on the North Shore, and is in close proximity to country clubs, golf courses and beaches, as well as two Main Streets of Cold Spring Harbor and Huntington known for its dining and shopping destinations.
According to Petracca, Kensington Estates fits within Triangle Equities’ philosophy of creating “value add” developments.
“This property sits on two towns (Town of Oyster Bay and Town of Huntington) and two counties (Nassau and Suffolk) and Triangle obtained both rezoning and site plan approval in both of these municipalities,” he said. “The degree of municipal approvals and coordination was significant and extraordinary. Although it has taken 12 years, Triangle persevered and obtained all necessary approvals.”
HFF brokered the financing on the deal, arranging $30 million in joint venture equity and $50 million in construction financing from Bank OZK.
Last March, GTIS Partners teamed with Continental Realty Advisors Ltd., to acquire San Palmas at Mission Park, a 240-unit apartment property in Chandler, Ariz.
Renderings courtesy of Triangle Equities