Renaissance Management Acquires Long Island Community for $233M

La Bonne Vie. Image courtesy of CBRE

Family office Renaissance Management has acquired La Bonne Vie, a 915-unit apartment community on the south shore of Long Island, N.Y., for $232.5 million. The sale encompassed 626 market-rate apartments and 289 age-restricted homes for people aged 55 and over in the village of Patchogue.

A CBRE Capital Markets team of Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, David Gavin and Eric Apfel represented the owner, which the brokerage described in a statement as an undisclosed consortium of partnerships. Yardi Matrix records the seller as La Bonne Vie Organization.

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CBRE’s Midtown Manhattan Debt & Structure Finance group secured a $200.7 million senior loan from TPG Real Estate Finance for the buyer’s acquisition and planned renovations of the property. The three-year loan includes the option for three one-year extensions.

Units in the 149-building asset have not been enhanced since they were completed in two phases in the mid-1970s and ‘80s. New Jersey-based Renaissance Management, which is led by Founder & Managing Partner Joseph Kazarnovsky, plans to invest substantially to revamp the asset.

The community offers a mix of one- and two-bedroom apartments with rents ranging from $1,435 to $1,623 as of January, according to Yardi Matrix data. The property comes with extensive amenities that were considered cutting-edge for the multifamily sector when they hit the market, including multiple clubhouses, indoor and outdoor pools, tennis courts, libraries and a gym.

The property consists of two phases, La Bonne Vie II and The Villas, across a more than 192-acre site at 200 La Bonne Vie Drive. The one- and two-story buildings are located near Sunrise Highway and Interstate 495 in Suffolk County, about 40 miles east of Queens, N.Y.

Family office grows

La Bonne Vie. Image courtesy of CBRE

Renaissance Management owns a portfolio of 9,624 apartment units, according to the firm’s corporate website. Kazarnovsky is also co-owner & managing partner of Fieldstone Properties, which has acquired over 15,000 apartment units in the Mid-Atlantic and Southeast regions since its formation in 2001.

The deal for La Bonne Vie is one of the largest multifamily transactions in the tri-state area in recent memory. Early last year, Fairfield Properties, the largest multifamily owner and operator in Nassau and Suffolk counties, scooped up a 1,496-unit deal portfolio from Lone Star Funds for $472.5 million. Dunne’s CBRE team brokered the deal for the collection of seven garden-style communities across various Long Island towns.