BRP Companies Sells Long Island Rental Complex for $190M

Two years after opening, a luxury multifamily complex in a Long Island hamlet is already changing hands.

An affiliate of the Illinois-based Inland Real Estate Group of Companies purchased The Arboretum in Farmingville for $190 million, JLL announced. The seller was BRP Companies and the deal for the 292-unit property pencils out to $651,000 per unit.

Completed in 2024, the 62-acre complex at 20 Maple Lane has 491,000 square feet of rentable space and an average apartment size of nearly 1,700 square feet. In addition to garden-style apartments, there are also 50 detached single-family homes, a roughly 17 percent share of the complex’s units. Thirty units are set aside for affordable housing.

The units are 98 percent occupied at the time of the sale. The complex has a 65 percent retention rate and rent renewal growth ranging from 2 percent to 4 percent.

Amenities at the property include an outdoor pool, a fitness center, tennis and bocce courts, a putting green, a playground and a seven-acre park with picnic areas and walking trails.

A JLL Capital Markets team including Jose Cruz, Steve Simonelli and Rob Hinckley arranged the sale, which did not include a 24,000-square-foot commercial building where Kelly Development is slated to break ground on in the spring.

BRP and the Island Real Estate Group did not immediately respond to requests for comment from The Real Deal.

Inland was reported to be in contract to buy the community in January by Newsday. BRP, which spent at least $141 million on the development of the former farm and nursery, received a 15-year tax abatement from the Brookhaven Industrial Development Agency, which was transferred to Inland in January; the savings last through 2037.

The acquisition represents the fourth on Long Island for Inland. The company also owns a self-storage facility in Yaphank, a retail building leased to CVS in Levittown and a 109-unit apartment building in Long Beach.

Led by Geoff Flournoy and Meredith Marshall, Manhattan-based BRP in 2024 was picked alongside several other firms to build a $1.4 billion housing and hotel project at 418 11th Avenue on Manhattan’s Far West Side.