Long Island’s largest multifamily landlord continues to grow.
Fairfield Properties bought a portfolio of five rental complexes in Suffolk County, paying $59.6 million for the 228-unit portfolio in Bay Shore, the Long Island Business News reported.
The seller was the estate of Joan Wimmer, who died a year ago. The Wimmer family developed the properties in the 1960s.
The rental buildings are 96 percent occupied. The largest is The Hedges at 405 East Main Street, which has 88 units. The others are The Maples (39 units), The Laurels (45), The Birches (28) and The Pines (28). Fairfield also grabbed a vacant single-family home next to one of the complexes.
Bay Shore is familiar ground for Fairfield. With its latest acquisition, it has 15 rental properties in the hamlet.
Select Real Equity Advisors’ John Thomas and Mark Walsh represented both sides in the transaction. Walsh said Fairfield is expected to renovate the portfolio, including by upgrading kitchens and bathrooms and improving the grounds.
Melville-based Fairfield, founded in 1974 and still run by the Broxmeyer family, owns and operates roughly 200 properties across Nassau, Suffolk and Queens counties. The firm’s portfolio is approaching 14,000 units. Some properties it built from scratch, but the vast majority it acquired and improved.
In November, it bought two multifamily complexes in Stewart Manor for $13.3 million, totaling 50 units. In another significant recent deal, it acquired complexes in Holbrook and Bohemia for a combined $160.7 million, growing by 376 units. In 2019 it paid $472.5 million for a seven-property, 1,496-unit portfolio on Long Island.
The firm recently ran into hot water, though. Last month, New York Attorney General Letitia James announced the recovery of $422,000 from Fairfield after accusing the firm of illegally withholding security deposits from former tenants.
— Holden Walter-Warner
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