Fairfield Properties Buys Long Island Asset for $146M
Construction of the 260-unit community was completed last year.
The Wel. Image courtesy of Tritec Real Estate
Fairfield Properties has acquired the four-story The Wel in Lindenhurst, N.Y., from a joint venture of Tritec Real Estate and an affiliate of Rockwood Capital for $146 million. The newly constructed multifamily property is the town of Babylon in Suffolk County, along the South Shore of Long Island.
The 260-unit The Wel, located at 75 E. Hoffman Ave., offers studio, one-, two- and three-bedroom apartments, ranging from 599 square feet to 1,832 square feet. Amenities include controlled access, wood cabinets, stone countertops, designer bathrooms, vinyl wood flooring, open floorplans, in-unit washers/dryers, stainless steel appliances, tiled showers and private terraces in select units.
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The Wel features a pool and patio deck, a fitness and aerobics center, a pool table, a game room, an open kitchen, a rooftop lounge deck, firepits, barbecue stations, a dog wash station, bike storage and a landscaped courtyard. The property has 379 parking spaces, with covered parking available for a fee.
The apartment building is one block from the Lindenhurst station of the Long Island Railroad, which provides direct access to New York. The Wel is near I-495, 27-A and the Southern State Parkway, putting residents near local coastal attractions that include Jones Beach, Fire Island and The Hamptons. The building is within walking distance of downtown Lindenhurst and a variety of dining and retail venues.
The Wel Details
Tritec broke ground on The Wel in 2019 and completed construction in 2021. The apartment building was designed by BHC Architects. The developer noted the project name was selected to honor Lindenhurst founder Thomas Welwood, whose name was misspelled on the village’s primary road.
Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy with JLL Capital Markets represented the sellers in the transaction and procured the buyer. The team has closed four sale transactions on Long Island in the past six months, including the Enclave at Charles Pond in Coram for $74 million, the Metro 303 and West 130 in Hempstead and West Hempstead for $136 million and Southpoint at Massapequa for $108 million.
