JLL Sells Long Island South Shore Multi-Housing Community for $146M
JLL Capital Markets has sold The Wel for $146 million, a 260-unit, newly constructed, mid-rise, luxury multi-housing community located in Lindenhurst, New York, along the South Shore of Long Island.
The $146 million sale price was for both the real estate as well as the significant 30-year IDA tax package; no details were supplied on the price allocation.
JLL represented the seller, a JV between Tritec Real Estate Company, Inc. and an affiliate of Rockwood Capital. Fairfield Properties acquired the asset.
Built in 2021, The Wel features studio, one-, two- and three-bedroom units with wood cabinets, stone countertops, spacious closets, designer bathrooms, vinyl wood flooring, open floor plans, in-unit washers and dryers, stainless steel appliances, tiled showers and an average unit size 916 square feet.
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