Renaissance Management buys East Patchogue apartment complex in 9-figure deal

<em>(Credit: CBRE)</em>
(Credit: CBRE)

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Investor Joseph Kazarnovsky’s Renaissance Management shelled out $232.5 million for an apartment complex on Long Island, Real Estate Weekly reported. Kazarnovsky bought the 915-unit development from “an undisclosed consortium of partnerships,” according to the outlet. The development in East Patchogue, known as La Bonne Vie, includes 626 market-rate apartments and 289 “age-restricted” apartments for people 55-years-old and up. A CBRE team brokered the sale, and a Midtown Manhattan Debt & Structure Finance group team secured a $200.728 million senior loan from TPG Real Estate Finance for the purchase and planned renovations. [REW-Online]