HFF closes $81.875 million sale of 284-unit apartment property in Long Island, New York
FLORHAM PARK, NJ – January 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $81.875 million sale of Broadway Knolls, a 284-unit, garden-style apartment property in the community of Holbrook, New York.
HFF marketed the property along with Select Real Equity Advisors on behalf of the seller, Clarion Partners, LLC, who acted on behalf of a commingled fund advised by the firm. A private buyer purchased the asset free and clear of existing debt. The sale price of nearly $82 million, or $290,000 per unit, represents record pricing for Suffolk County.
Broadway Knolls is located at 2200 Dolphin Lane just off Veterans Memorial Highway with nearby access to Interstate 495 (Long Island Expressway), Interstate 27 (Sunrise Highway) and Long Island’s MacArthur Airport. The property, built in 2006 and consisting of 22 buildings on nearly 27 acres, is 97.9 percent leased and offers one- and two-bedroom floor plans ranging from 1,000 to 1,300 square feet. The units, a portion of which have undergone a light renovation, including the addition of stainless steel appliances and vinyl flooring, feature spacious layouts, private balcony/patio and some covered parking. Community amenities include a fitness center, outdoor swimming pool, newly constructed grilling area, fire pit, basketball and tennis courts, playground, dog park, expansive community room, business center and walking trail.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.
“With this transaction, the seller successfully capitalized on the strong demand for multifamily assets on Long Island,” stated Cruz.
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With $43.1 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at clarionpartners.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.