Thursday, May 12 2022

Two Long Island companies are buying and selling a newly built rental complex in Lindenhurst.

Fairfield Properties has purchased the 260-unit transit-focused rental development called The Wel for $147 million.

The Wel was a joint venture between Tritec, based in East Setauket, and its financial partner Rockwood Capital, based in San Francisco. Tritec began construction on the $103 million project in October 2019 and opened the complex in October 2021.

The Wel offers a mix of studio, one, two and three bedroom apartments. Facilities include a swimming pool, fitness center, games room and rooftop terrace.

The Wel, built on a 7-acre former industrial site at 75 East Hoffman Ave., is located directly across from the Lindenhurst Long Island Rail Road station. The development won Best Multi-Family Project at LIBN’s Property, Architecture and Engineering Awards last year.

Fairfield’s purchase of Lindenhurst is the latest in a series of multi-family Long Island acquisitions for the fast-growing company. Earlier this year, the Melville-based apartment giant purchased the 310 Saddle Rock apartments located on 41.3 acres at 1000 Saddle Rock Road in Holbrook and the 66 unit Saddle Cove Townhomes located on 8.7 acres at 100 Saddle Cove Road in Bohemia for a total of $160.7 million.

Late last year, the company purchased the 214-unit Southpoint Apartment Homes community in Massapequa for $106 million and in October 2021, Fairfield acquired a 200-unit, 41-acre apartment complex in Coram for $70 million.

Fairfield, Long Island’s largest rental property owner and manager, now has more than 13,000 apartments in more than 163 rental communities.

Fairfield was self-represented in the acquisition of Lindenhurst, while JLL’s Jose Cruz and Steve Simonelli represented the sellers in the deal reached last week.


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