$136 million trade of Class A multihousing portfolio on Long Island closes

JLL Capital Markets closed the sale of two multihousing properties in West Hempstead and Hempstead, NY

53
Metro West 130
JLL closed the $136 million sale of a multihousing portfolio consisting of two Class A communities totaling 316-units in West Hempstead and Hempstead, New York.

JLL Capital Markets announced that it has closed the $136 million sale of a multihousing portfolio consisting of two Class A communities totaling 316-units in West Hempstead and Hempstead, New York.

JLL marketed the properties on behalf of the seller. Castle Lanterra Properties acquired the assets.

The portfolio consists of West 130 in West Hempstead and Metro 303 in Hempstead. West 130 comprises 150-units with one-, two- and three-bedroom units averaging 1,082 square feet. Metro 303 comprises 166-units with studio, one-, two- and three-bedroom units averaging 1,076 square feet.

Units feature custom kitchens with islands or breakfast bars, stainless steel appliances, walk-in closets, nine to 10-foot ceilings, in-unit washer and dryers and balcony/patios. The communities offer garage parking, fitness centers, pool with sundecks, business centers, courtyards with fireside lounges and grilling and private storage.

Situated at 130 Hempstead Ave. and 303 Main St., both West 130 and Metro 303 are walkable to three LIRR stations: Country Line Pass, Hempstead and West Hempstead Station. The stations provide rush hour service to Manhattan in approximately 50 minutes. The properties are convenient to two major airports, situated approximately 30 minutes from both John F. Kennedy Internal and LaGuardia Airports.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Andrew Scandalios, Jeffrey Julien, Michael Oliver and Kevin O’Hearn.

‘We had very strong interest in Metro 303 and West 130 given the location and ability to add value to both of the assets,” stated Cruz.  “The buyer pool consisted of local and regional private buyers as well as regional equity groups looking to deploy capital in infill New York Area submarkets.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.