JLL Capital Markets announced that it has closed the sale of Southpoint at Massapequa, a 214-unit, luxury, multihousing community located in Massapequa, New York.
JLL represented the seller, JRK Property Holdings. Fairfield Properties acquired the asset.
The property possesses an attractive unit mix that consists of large one-, two- and three-bedroom units some of which are townhouse style. These units average 987 square feet. Select units feature stainless steel appliances, newly renovated kitchen and baths, granite countertops, private entry, oversized closets bay windows and patios and balconies. Community amenities include a resort-style pool, sundeck, fitness center, “bark park”, outdoor BBQ area and valet trash collection.
Situated on the South Shore of Long Island in Nassau County, the community benefits residents with its proximity to coastal locations such as Jones Beach and Fire Island as well as various restaurants, parks, schools, grocery stores and shopping. The property is also located off of NY-27 providing connectivity to all major Long Island highways and offering unmatched accessibility to Suffolk County and the greater Tri-State area. In addition, Southpoint is less than two miles from the Amityville and Massapequa Park train stations, allowing convenient transportation to New York City by public transit or car.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Director Steve Simonelli, Senior Managing Director Jose Cruz, Managing Director Michael Oliver, Senior Managing Directors Kevin O’Hearn and Andrew Scandalios and Analyst Josh Stein.
“Interest in Long Island multihousing communities continues to be at an all time high. The quality of the property and location, along with the upside in rents at Southpoint drew interest from national institutional investors as well as the local and regional private investors,” stated Simonelli.
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.
