Inland Real Estate Buys Beachfront Asset in New York
- Oct 21, 2020
Inland Real Estate Acquisitions LLC has acquired 10 West Apartments, an oceanfront community in Long Beach, N.Y. The 11-story oceanfront property features 109 units and 177 rentable parking spaces.
“I wanted the property so badly, because not only do the numbers work for us, but also, how many rental properties can you find on the shore of Long Island? It’s virtually none,” Joe Cosenza, vice chairman of Inland Real Estate Group LLC, told Multi-Housing News.
“And finally, unfortunately, there are an awful lot of people who no longer want to live in New York City, and this is just a train ride away.”
Each residence at 10 West Apartments underwent a renovation in 2015 and 2016. Units feature private balconies, quartz countertops, stainless steel appliances, hardwood floors and in-unit washer-dryers. An outdoor heated swimming pool leads the list of amenities.
COVID-19’s challenges did not stymie the acquisition. “Because we buy so much property—we closed on a little over $500 million so far this year, and I’ve got another $600 million left to close before year end—we have a lot of vendors,” Cosenza said. “We have engineering guys, ADA inspection guys, environmental guys, and all these people work very hard for us. And when another deal comes up they are right there to help us. Therefore, they were Johnny on the spot and we got our due diligence [completed] within a couple weeks.”
The building underwent renovation from 2013 through 2018 in the aftermath of Hurricane Sandy. It also benefits from a $44 million coastal restoration completed by the U.S. Army Corps of Engineers. In that restoration, which sought to prevent storm and wave action from damaging the local boardwalk and homes, beach size was increased.
“From every unit you can see the beach, which is nice,” Cosenza said. “You walk out your door and down some steps, and you’re on the boardwalk. Down some more steps and you’re on the beach. It’s two blocks to temple, three blocks to the train station and the same three blocks takes you to the Stop & Shop grocery center.” Long Island Rail Road trains whisk commuters from Long Beach to Manhattan’s Penn Station, he added.
The property enjoyed a 99 percent occupancy rate at the time of closing. Back in September, Inland purchased JTB Luxury Apartments, a 350-unit community in Jacksonville, Fla.