Long Island’s largest rental owner and manager has again expanded its reach into the area’s multifamily market.
Fairfield Properties recently purchased complexes in Suffolk County’s Holbrook and Bohemia hamlets, Long Island Business News reported. Individual prices for the two complexes weren’t disclosed, but the combined price was a reported $160.7 million.
Norman Schefer, who developed both complexes, was the seller in both of the deals. Blaise Baumgarth of Global Real Estate & Development, along with Aileen Schefer of Schefer Realty brokered the transactions, according to the Business News.
The Saddle Rock Apartments at 1000 Saddle Rock Road in Holbrook is the larger of the two complexes to trade hands. The complex includes 310 units on more than 40 acres. The newly rechristened Fairfield Townhouses at Holbrook includes units ranging from $2,650 to $3,130 per month.
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About a mile west, Saddle Cove Townhomes at 100 Saddle Cove Road in Bohemia spans 66 units across about nine acres. Rents at the complex, which will go by Fairfield Townhouses at Bohemia, start at $3,750 for two-bedroom, two-bathroom units with a garage and basement.
Fairfield, run by the Broxmeyer family, is a dominant player in the Long Island rental market. The Business News reported the Melville-based company boasts more than 13,000 units and 162 communities in its portfolio.
Fairfield closed out the fourth quarter of 2021 with two major apartment acquisitions. It bought the 214-unit Southpoint Apartment Homes in Massapequa for $106 million and a 200-unit complex in Coram for $70 million.
Prior to the pandemic, the firm closed on a seven-property portfolio with nearly 1,500 units, buying Home Properties, which was owned by Lone Star Funds, for $472.5 million. It was the largest multifamily sale on Long Island in 2019.
[LIBN] — Holden Walter-Warner