FCP, Fairfield Properties Acquire NY Lone Star Portfolio
The joint venture paid $472.5 million for the seven properties, which encompass 1,496 apartment units. FCP provided $100 million in preferred equity investment toward the acquisition.
Westwood Village
Fairfield Properties and FCP have acquired a seven-property portfolio of apartment communities in Long Island, N.Y. FCP provided $100 million in preferred equity to acquire the properties—which contain a total of 1,496 units spread across Nassau and Suffolk counties—from Lone Star Funds. The buyers paid $472.5 million for the seven multifamily assets, according to The Real Deal.
The portfolio includes the apartment communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Senior loans for the portfolio acquisition were provided by Freddie Mac and Citibank.
Fairfield Properties plans to renovate the communities through upgrades to interior spaces as well as exterior common areas.
A CBRE team of David Webb, Maxi Leachman and Brynn Wendel represented the buyers on the senior debt and preferred equity placement. A CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel and Alexander Virtue represented the owner of the portfolio and also secured the buyer.
“FCP is very pleased to make its first investment in the Long Island, NY market alongside Fairfield Properties, the top multifamily owner and operator in the market,” said FCP Senior Vice President, E.J. Corwin, in prepared remarks. “This investment continues FCP’s strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets.”
In January, Triangle Equities and GTIS Partners announced they had teamed up to build an $80 million luxury senior housing community on Long Island.
Image courtesy of Yardi Matrix
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