Category: Cushman & Wakefield

Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.


Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.


Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments
Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

​Cushman & Wakefield negotiates sale of The Vue at Belleair in Clearwater



Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Columbus, GA-based Flournoy Development Company in the sale. Castle Lanterra Properties, of Suffern, NY, acquired the asset.

The Vue at Belleair is a ±321,437-square-foot garden-style apartment community developed in 2019 on ±15.6-acre site at 1551 Flournoy Circle West. The property comprises 11 two- and four-story residential buildings with elevators, an integrated clubhouse and detached garage buildings.

The Vue at Belleair offers a mix of one-, two- and three-bedroom apartments. The average unit is 948 square feet with an average market rent of $1,615 ($1.70 per square foot). The property was 93 percent leased at the time of sale.

Apartments at The Vue at Belleair feature three designer finish options; nine-, 10- and 11-foot ceilings; hardwood style flooring; deep kitchen sinks with gooseneck faucets; stainless steel appliances; smooth surface cook tops; washers and dryers; granite or quartz countertops; ceiling fans with light kits; upgraded designer light fixtures; and large closets. Select units offer kitchen islands, French door refrigerators, separate showers enclosures and attached or detached garages.

Community amenities include gated access; elevators; a rooftop terrace with views of Tampa Bay; a resident clubhouse; a gourmet coffee bar; two dog parks with dog wash centers; a car care center; a resort style, zero-entry solar and gas heated saltwater pool with cabanas; a pool pavilion with an outdoor kitchen and televisions; a performance fitness center with wellness and spin rooms; two massage rooms; two lakes with fountains; fire pits; a business center with a conference room; a video game room and a billiards table.

The Vue at Belleair is located on the east side of U.S. Route 19, which provides access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. These major roadways provide convenient access to Tampa’s major employment centers. Residents have access to the Clearwater CBD, St. Pete-Clearwater International Airport, Westshore Business District, Gateway and downtown St. Petersburg, all within a 30-minute commute.

“The Vue at Belleair is a gorgeous, core asset, offering best-in-market design and amenities,” said Elorza. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”

“The community’s recently stabilized operations mitigate lease-up risk for new ownership,” added Capas.

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



​Cushman & Wakefield negotiates sale of The Vue at Belleair in Clearwater

Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Columbus, GA-based Flournoy Development Company in the sale. Castle Lanterra Properties, of Suffern, NY, acquired the asset.

The Vue at Belleair is a ±321,437-square-foot garden-style apartment community developed in 2019 on ±15.6-acre site at 1551 Flournoy Circle West. The property comprises 11 two- and four-story residential buildings with elevators, an integrated clubhouse and detached garage buildings.

The Vue at Belleair offers a mix of one-, two- and three-bedroom apartments. The average unit is 948 square feet with an average market rent of $1,615 ($1.70 per square foot). The property was 93 percent leased at the time of sale.

Apartments at The Vue at Belleair feature three designer finish options; nine-, 10- and 11-foot ceilings; hardwood style flooring; deep kitchen sinks with gooseneck faucets; stainless steel appliances; smooth surface cook tops; washers and dryers; granite or quartz countertops; ceiling fans with light kits; upgraded designer light fixtures; and large closets. Select units offer kitchen islands, French door refrigerators, separate showers enclosures and attached or detached garages.

Community amenities include gated access; elevators; a rooftop terrace with views of Tampa Bay; a resident clubhouse; a gourmet coffee bar; two dog parks with dog wash centers; a car care center; a resort style, zero-entry solar and gas heated saltwater pool with cabanas; a pool pavilion with an outdoor kitchen and televisions; a performance fitness center with wellness and spin rooms; two massage rooms; two lakes with fountains; fire pits; a business center with a conference room; a video game room and a billiards table.

The Vue at Belleair is located on the east side of U.S. Route 19, which provides access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. These major roadways provide convenient access to Tampa’s major employment centers. Residents have access to the Clearwater CBD, St. Pete-Clearwater International Airport, Westshore Business District, Gateway and downtown St. Petersburg, all within a 30-minute commute.

“The Vue at Belleair is a gorgeous, core asset, offering best-in-market design and amenities,” said Elorza. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”

“The community’s recently stabilized operations mitigate lease-up risk for new ownership,” added Capas.

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

Cushman & Wakefield negotiates sale of The Vue at Belleair in Clearwater

The Vue at Belleair
Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.


Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Columbus, GA-based Flournoy Development Company in the sale. Castle Lanterra Properties, of Suffern, NY, acquired the asset.

The Vue at Belleair is a ±321,437-square-foot garden-style apartment community developed in 2019 on ±15.6-acre site at 1551 Flournoy Circle West. The property comprises 11 two- and four-story residential buildings with elevators, an integrated clubhouse and detached garage buildings.

The Vue at Belleair offers a mix of one-, two- and three-bedroom apartments. The average unit is 948 square feet with an average market rent of $1,615 ($1.70 per square foot). The property was 93 percent leased at the time of sale.

Apartments at The Vue at Belleair feature three designer finish options; nine-, 10- and 11-foot ceilings; hardwood style flooring; deep kitchen sinks with gooseneck faucets; stainless steel appliances; smooth surface cook tops; washers and dryers; granite or quartz countertops; ceiling fans with light kits; upgraded designer light fixtures; and large closets. Select units offer kitchen islands, French door refrigerators, separate showers enclosures and attached or detached garages.

Community amenities include gated access; elevators; a rooftop terrace with views of Tampa Bay; a resident clubhouse; a gourmet coffee bar; two dog parks with dog wash centers; a car care center; a resort style, zero-entry solar and gas heated saltwater pool with cabanas; a pool pavilion with an outdoor kitchen and televisions; a performance fitness center with wellness and spin rooms; two massage rooms; two lakes with fountains; fire pits; a business center with a conference room; a video game room and a billiards table.

The Vue at Belleair is located on the east side of U.S. Route 19, which provides access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. These major roadways provide convenient access to Tampa’s major employment centers. Residents have access to the Clearwater CBD, St. Pete-Clearwater International Airport, Westshore Business District, Gateway and downtown St. Petersburg, all within a 30-minute commute.

“The Vue at Belleair is a gorgeous, core asset, offering best-in-market design and amenities,” said Elorza. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”

“The community’s recently stabilized operations mitigate lease-up risk for new ownership,” added Capas.

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.



Cushman & Wakefield negotiates sale of The Vue at Belleair in Clearwater

The Vue at Belleair
Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.

Cushman & Wakefield has negotiated the sale of The Vue at Belleair, a 339-unit luxury multifamily community in Pinellas County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Columbus, GA-based Flournoy Development Company in the sale. Castle Lanterra Properties, of Suffern, NY, acquired the asset.

The Vue at Belleair is a ±321,437-square-foot garden-style apartment community developed in 2019 on ±15.6-acre site at 1551 Flournoy Circle West. The property comprises 11 two- and four-story residential buildings with elevators, an integrated clubhouse and detached garage buildings.

The Vue at Belleair offers a mix of one-, two- and three-bedroom apartments. The average unit is 948 square feet with an average market rent of $1,615 ($1.70 per square foot). The property was 93 percent leased at the time of sale.

Apartments at The Vue at Belleair feature three designer finish options; nine-, 10- and 11-foot ceilings; hardwood style flooring; deep kitchen sinks with gooseneck faucets; stainless steel appliances; smooth surface cook tops; washers and dryers; granite or quartz countertops; ceiling fans with light kits; upgraded designer light fixtures; and large closets. Select units offer kitchen islands, French door refrigerators, separate showers enclosures and attached or detached garages.

Community amenities include gated access; elevators; a rooftop terrace with views of Tampa Bay; a resident clubhouse; a gourmet coffee bar; two dog parks with dog wash centers; a car care center; a resort style, zero-entry solar and gas heated saltwater pool with cabanas; a pool pavilion with an outdoor kitchen and televisions; a performance fitness center with wellness and spin rooms; two massage rooms; two lakes with fountains; fire pits; a business center with a conference room; a video game room and a billiards table.

The Vue at Belleair is located on the east side of U.S. Route 19, which provides access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. These major roadways provide convenient access to Tampa’s major employment centers. Residents have access to the Clearwater CBD, St. Pete-Clearwater International Airport, Westshore Business District, Gateway and downtown St. Petersburg, all within a 30-minute commute.

“The Vue at Belleair is a gorgeous, core asset, offering best-in-market design and amenities,” said Elorza. “The property’s central location offers outstanding access to employers, the beaches and entertainment venues.”

“The community’s recently stabilized operations mitigate lease-up risk for new ownership,” added Capas.

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

Cushman & Wakefield brokers sale of Farmingdale, N.Y., multifamily asset

Jefferson at Farmingdale
Cushman & Wakefield brokered the trade of Jefferson at Farmingdale Plaza, a newly-constructed, luxury mid-rise apartment community has sold in Nassau County


A newly-constructed, luxury mid-rise apartment community has sold in Nassau County, announced commercial real estate services firm Cushman & Wakefield. A team of capital markets specialists based in New York and New Jersey brokered the trade of The Jefferson at Farmingdale Plaza—representing the seller, a joint venture of H.I.G. Realty Partners and JPI, and procuring the buyer, Fairfield Properties.

Located on 2.5 acres at 148 South Front Street, the 154-unit rental community sits adjacent to the Farmingdale LIRR rail station in downtown Farmingdale. “This transit-oriented development offers superior connectivity, allowing residents to reach New York Penn Station in just 49 minutes,” said Cushman & Wakefield’s Kevin Donner, who co-headed the transaction with Brian Whitmer, working in conjunction with their teams including Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Dowd and Mark Phillips in New Jersey and Adam Spies and Michael Collins in New York. “The Jefferson is also located one block from Farmingdale’s Main Street, well-known for its active nightlife scene, numerous restaurants and shops.”

Built in 2015, The Jefferson at Farmingdale Plaza features two, three-story buildings with open concept floor plans, high-end finishes and a market-leading amenity package. Residents enjoy ample parking; a health club with a yoga studio and aerobics center; fully equipped business lounge; club room with billiards, shuffleboard and gaming consoles; movie theater with a media center and more. The property also features 20,000 square feet of retail leased to a desirable tenant mix, including Starbucks, TAO Asian Bistro and Eastern Breeze spa.

“This community has drawn renters seeking to live within a dynamic, amenity-rich and transit-oriented area,” Whitmer noted. “Farmingdale has experienced sustained growth and development over the past few years with The Jefferson well-positioned to benefit as one of the centerpieces of the town’s renaissance.”

Cushman & Wakefield’s New Jersey capital markets team, based in East Rutherford, specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.



Cushman & Wakefield brokers sale of Farmingdale, N.Y., multifamily asset

Jefferson at Farmingdale
Cushman & Wakefield brokered the trade of Jefferson at Farmingdale Plaza, a newly-constructed, luxury mid-rise apartment community has sold in Nassau County

A newly-constructed, luxury mid-rise apartment community has sold in Nassau County, announced commercial real estate services firm Cushman & Wakefield. A team of capital markets specialists based in New York and New Jersey brokered the trade of The Jefferson at Farmingdale Plaza—representing the seller, a joint venture of H.I.G. Realty Partners and JPI, and procuring the buyer, Fairfield Properties.

Located on 2.5 acres at 148 South Front Street, the 154-unit rental community sits adjacent to the Farmingdale LIRR rail station in downtown Farmingdale. “This transit-oriented development offers superior connectivity, allowing residents to reach New York Penn Station in just 49 minutes,” said Cushman & Wakefield’s Kevin Donner, who co-headed the transaction with Brian Whitmer, working in conjunction with their teams including Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Dowd and Mark Phillips in New Jersey and Adam Spies and Michael Collins in New York. “The Jefferson is also located one block from Farmingdale’s Main Street, well-known for its active nightlife scene, numerous restaurants and shops.”

Built in 2015, The Jefferson at Farmingdale Plaza features two, three-story buildings with open concept floor plans, high-end finishes and a market-leading amenity package. Residents enjoy ample parking; a health club with a yoga studio and aerobics center; fully equipped business lounge; club room with billiards, shuffleboard and gaming consoles; movie theater with a media center and more. The property also features 20,000 square feet of retail leased to a desirable tenant mix, including Starbucks, TAO Asian Bistro and Eastern Breeze spa.

“This community has drawn renters seeking to live within a dynamic, amenity-rich and transit-oriented area,” Whitmer noted. “Farmingdale has experienced sustained growth and development over the past few years with The Jefferson well-positioned to benefit as one of the centerpieces of the town’s renaissance.”

Cushman & Wakefield’s New Jersey capital markets team, based in East Rutherford, specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.