DEAL OF THE DAY: Fairfield Properties Buys Two Long Island Properties for $150,000 Per Unit
- Feb 21, 2008
By Anuradha Kher, Online News EditorLong Island, N.Y.– Encino, Calif.-based Marcus & Millichap Real Estate Investment Services has arranged the sale of Suburbia Gardens and Thunderbird Gardens, two multifamily communities totaling 85 units in the West Babylon section of Long Island, N.Y. for $12.75 million.Fairfield Properties bought the two communities, owned by Rinmark Properties and Kimcore Realty.“Long Island is one of the most fundamentally sound markets for multifamily housing in the entire country,” says Hoff. “Fairfield takes great pride in their properties, and will invest millions of dollars to upgrade and improve these well-located assets to better serve their tenants for years to come.”This property received numerous competitive offers and ultimately closed at a price of $150,000 per unit, a record for this asset class, according to Hoff. “It also closed for more than 97 percent of the asking price,” he says.Suburbia Gardens (pictured), located at 381 Great East Neck Road, and Thunderbird Gardens, located at 101 Magaw Place, consist of six two-story buildings approximately one mile apart in West Babylon, which is in the Southwestern portion of Suffolk County in Lond Island. The properties are in residential neighborhoods filled with single-family homes and near an abundance of schools, retail venues, parks, major highways and the Long Island Railroad.