Fairfield Pays $83M for Long Island Asset
- Mar 16, 2020
Fairfield Properties has acquired a 271-unit community in North Babylon, N.Y., from a private investor, Yardi Matrix data shows. Fairfield Tudor at North Babylon, formerly known as Somerset Village, changed hands for $83.3 million. The sale continues Fairfield’s buying spree from the end of last year, when the company increased its Long Island portfolio with 154 units.
Located at 1593 August Road within a dense residential area, the community is less than a mile from several retail and dining options. Additionally, the property is close to several schools and parks, with New York City roughly an hour away.
Completed in 1970, the 18 two-story buildings are spread across a 16.8-acre site and consist of studio, one- and two-bedroom apartments ranging in size from 600 to 1,100 square feet. Common-area amenities include a tennis court, a playground and four laundry facilities. As of February, the community was fully occupied, according to Yardi Matrix files.