Fairfield Properties made another acquisition on Long Island, purchasing a 55-and-older community in Suffolk County from B2K Development.
Long Island’s largest multifamily owner paid north of $90 million for the 200-unit complex in Deer Park, the Long Island Business News reported. The Melville-based firm is renaming the apartment community from Sutton Landing at Deer Park to Fairfield Knolls at Deer Park.
The transaction works out to at least $450,000 per unit.
B2K completed the complex two years ago, adding it to its luxury Sutton Landing portfolio, which also includes properties in Mount Sinai and Uniondale. Forty of the Deer Park units are designated for affordable housing.
Amenities at the complex include a pool, a fitness center and a community clubhouse. B2K built the property alongside Harrison Street, one of the country’s largest owners of senior housing.
A CBRE team including Jeff Dunne and Eric Apfel brought the buyer and arranged the deal’s financing, which was not disclosed.
Run by Michael and Gary Broxmeyer, Fairfield is arguably the most dominant owner of rental communities across Long Island. This year, it bought a portfolio of five rental complexes in Suffolk County from the estate of Joan Wimmer, adding 228 units across Bay Shore for $60 million.
Founded in 1974, the family firm owns and operates approximately 200 properties in Nassau and Suffolk counties, plus Queens. The firm’s portfolio is approximately 14,000 units strong, mostly consisting of properties it acquired and upgraded.
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But Fairfield allegedly ran afoul of state law. At the start of the year, New York Attorney General Letitia James announced the recovery of $422,000 from Fairfield after her office accused the company of illegally withholding security deposits from former tenants.
B2K was founded last year by former principals of Engel Burman Group.The firm proposed 86 luxury townhouses for seniors in Commack earlier this year, but later became mired in a dispute over tax breaks for the project.
— Holden Walter-Warner