Greystar buys Long Island rental complex for $118M

244-unit development in Port Jefferson Station sold by Garden City-based Benjamin Companies

Tri-State /
Oct.October 04, 2021 05:30 PM
Greystar buys Port Jefferson Station rental complex for $118M

Greystar Chairman and CEO Bob Faith, 588 North Bicycle Path in Port Jefferson Station, LI (Google Maps, Greystar)

Long Island’s Port Jefferson Station has notched a hefty multifamily transaction courtesy of rental behemoth Greystar.

The Vistas of Port Jefferson sold by The Benjamin Companies, based in Garden City, for $118 million, according to Long Island Business News. The transaction closed last week and about 80 percent of the complex was occupied at the time.

Charleston, South Carolina-based Greystar swooped in shortly after construction on the complex was completed, LIBN reports. Mike Tuccillo of Marcus & Millichap was the broker behind the transaction.

Construction began in May 2018 on the Vistas of Port Jefferson, which sit on 27 acres of land at 588 North Bicycle Path. The complex is made up of 30 buildings for renters who are aged 55 years and older, consisting of 244 units in total.

The complex includes 64 two-bedroom townhouses with garages attached, 144 two-bedroom single-level units and 36 one-bedroom single-level units. The outlet reports amenities at the complex include a clubhouse with lounge areas both inside and outside, a fitness center, an outdoor pool and walking trails.

Greystar is one of the biggest players in the rental market in the United States. Last year, the company closed on a deal for 130,000 units, acquiring the business that managed those units from Alliance Residential in a nearly $200 million all-cash deal.

Meanwhile, the company is looking to sell an 18-story apartment building in Chelsea for about $250 million, sources told The Real Deal. Greystar bought the building in 2016 for $211.3 million, renovating many parts of the property. All 204 units in the building are market-rate apartments.

Greystar — one of the country’s biggest apartment landlords — last May faced a lawsuit from eight tenants of its Los Angeles buildings against the company. In the suit, the tenants accused the company of gathering extensive financial and personal information on prospective tenants without knowledge or consent. The plaintiffs were each seeking $160,000 from Greystar and $80,000 each from another defendant, property management software firm RealPage.

[LIBN] — Holden Walter-Warner





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