Friedkin Realty Group Buys 2 Long Island Communities for $151M
- Mar 15, 2019
Friedkin Realty Group Inc. has acquired The Allure and Hudson House, two multifamily communities in Mineola, N.Y., for $150.5 million. JLL arranged the sale on behalf of institutional investors advised by J.P. Morgan Asset Management. This purchase marks the highest price per unit achieved in Nassau County and the second highest price paid for a single asset in Long Island over the past five years.
The JLL team representing the buyer and seller included Managing Directors Thomas Walsh, Joseph Garibaldi, Kelly Gaines and Ray Ruiz, along with Vice Presidents Katelyn Borovsky and Heather Lombardi.
“Considering Nassau County’s infrastructure, demographics and accessibility to Manhattan, the submarket remains undersupplied for Class A transit-oriented apartments so an opportunity such as The Allure and Hudson House garnered a considerable amount of attention from a wide range of buyers,” Walsh told Multi-Housing News. “Nassau County remains one of the nation’s highest barrier of entry secondary markets, so all investment opportunities in the region are well received.”
Located at 140 Old Country Road, The Allure offers 275 studio, one-bedroom and one- and two-bedroom townhouse floorplans ranging from 486 to 1,346 square feet. According to Yardi Matrix, the community is 95.3 percent occupied as of January. Interior features include high ceilings, wood plank-style flooring, a Schlage keyless entry system, USB charging stations in the kitchen and private balcony/patios. Community amenities include a hotel-inspired swimming pool, outdoor community space, clubhouse, 24-hour fitness center and yoga/pilates studio. The five-story, Class A luxury property is LEED Gold certified.
Situated at 104 Front St., less than 500 feet from The Allure, Hudson House was constructed in 2015 and offers 36 luxury, age- and income-restricted affordable apartments. Interior features include open floor plans and walk-in closets. Common area amenities include a community room.
The communities are located two blocks from the Mineola Train Station and NYU Winthrop Hospital, as well as across the street from the Nassau County government complex.
Last January, Friedkin Realty Group acquired The Highlands at Cherry Hill Apartments in Cherry Hill, N.J., from Equity Residential. The 16-year-old property comprises 170 luxury units.
Image courtesy of JLL