Southpoint at Massapequa at 25 Weaver Drive in Massapequa — Courtesy: JLL
By Joshua Burd
Long Island’s largest multifamily owner has sold a 214-unit luxury apartment property in Nassau County, in a deal arranged by JLL’s Morristown-based capital markets team.
In a news release, the brokerage firm said it represented JRK Property Holdings in its disposition of Southpoint at Massapequa, a collection of one-, two- and three-bedroom units at 25 Weaver Drive in the Massapequa section of Oyster Bay. The buyer, Fairfield Properties, paid an undisclosed sum for the property.
JLL 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 spearheaded the assignment.
“Interest in Long Island multi-housing communities continues to be at an all-time high,” Simonelli said. “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.”
JLL announced the deal last week, noting that units at Southpoint average 987 square feet and provide residents with a location on the South Shore of Long Island. Some of the dwellings are townhome-style, while the property has amenities such as a pool, a sundeck, a fitness center and other offerings.
