CBRE’s Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, David Gavin and Eric Apfel arranged the $232.5-million sale of La Bonne Vie, a 915-apartment community in Long Island’s Patchogue, NY. The sale comprised of 626 market-rate apartments and 289 age-restricted (55+) apartments.

CBRE represented the owners, an undisclosed consortium of partnerships in this transaction. The buyer, family office Renaissance Management, plans extensive renovations to the 40-year-old complex.

“Workforce housing is one of the strongest performing asset classes within the multifamily space, and Long Island is an incredible market due it its substantial supply constraints and strong rent growth,” said Dunne. “Workforce housing is coveted because there is simply no way to effectively compete with it.”

He added, “The cost to develop new product is so much higher than the cost basis of workforce housing, so developers of new product are forced to target higher income renters.”

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