Melville-based Fairfield Properties has acquired a 200-unit, age-restricted apartment community in Deer Park from B2K Development.
The price was not disclosed, though real estate sources say it was north of $90 million.
Developed as part of B2K’s Sutton Landing branded properties of luxury rental communities for people aged 55 and over, Fairfield has renamed the apartment property Fairfield Knolls at Deer Park. Amenities at the complex include a fitness center, pool and community clubhouse. Forty of the units are designated as affordable housing and offered at reduced rent.
“When we looked at the region’s real estate landscape, we knew that creating this development in the Town of Babylon would find an enthusiastic and cooperative municipality that very much wanted the type of adult oriented community in which we excel,” B2K Chairman Jan Burman said in a company statement. “This sale underscores the wisdom of that shared vision.”
The B2K project was built in partnership with Harrison Street, one of the nation’s leading investment management firms with about $56 billion in assets under management. Harrison Street, one of the top five owners of senior housing in the country, has invested more than $13.8 billion in senior housing properties including more than 41,700 independent living, assisted living, and memory care units.
“In the face of muted market conditions, we are proud to announce the successful sale of Sutton Landing at Deer Park to Fairfield Properties,” Ben Mohns, head of Asset Management-North America at Harrison Street, said in the statement. “This transaction is a testament to our team’s unwavering dedication and strategic vision to meet the needs of the growing senior population and reaffirms our commitment to delivering value and excellence even in adverse circumstances, proving that resilience and innovation are the cornerstones of success in any market.”
Jericho-based B2K has created some 5,000 multifamily condos and rentals, developing over-55 and non-age-restricted residential communities for more than two decades. B2K has two other Sutton Landing communities on Long Island, including the 225-unit Sutton Landing at Mount Sinai and the 198-unit Sutton Landing at Uniondale. The company is currently developing a new Sutton Landing project on 7.2 acres in Commack that will have 86 rental townhouses.
“What made this property (Deer Park) particularly attractive to the marketplace was the development efforts of my partner, David Burman, president of B2K’s development arm, and the construction acumen of my fellow partner and B2K’s president of construction, Jon Weiss,” B2K CEO Steven Krieger said in the statement. “Their shared expertise led to the creation of an adult community that sets a standard of excellence for the region.”
Jeff Dunne and Eric Apfel of CBRE’s New York Metro Institutional Sales team and Aron Will, John Sweeny and Scott Bray of CBRE’s Senior Housing team secured the buyer and arranged the deal’s financing via its Freddie Mac Optigo lending platform. Assisting in arranging the financing was Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz of the CBRE Debt and Structured Financing Team, along with Will and his Senior Housing team colleagues Matthew Kuronen, and Michael Cregan.
David Winzelberg
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