The Wel at 75 East Hoffman Ave. in Lindenhurst — Courtesy: JLL
By Joshua Burd
A development team has sold a newly built, 260-unit apartment property on Long Island for $146 million, in a deal by JLL’s Morristown-based capital markets team.
According to the brokers, Tritec Real Estate Co. Inc. and an affiliate of Rockwood Capital completed the sale after leasing up the midrise luxury complex known as The Wel. Fairfield Properties acquired the asset, which is located at 75 East Hoffman Ave. in Lindenhurst, after it was marketed by JLL’s Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy.
“Long Island continues to be one of the strongest rental markets in the region which led to a very short lease-up timeframe at The Wel and exceptional interest from the investment community,” Simonelli said. “The development team of Tritec and Rockwood added a transformative property to the Lindenhurst market.”
Sitting on Long Island’s South Shore, The Wel opened just last year with floorplans ranging from studios to three-bedroom units. Apartment have upscale finishes and appliances, while residents have access to amenities such as a pool and patio deck, a high-end fitness center, a rooftop lounge deck, garage parking and co-working space.
The property is not far from destinations such as Jones Beach, Fire Island and The Hamptons, as well a newly revitalized downtown along the thoroughfare of Welwood Avenue. The Wel also sits at the Lindenhurst station on the Long Island Railroad.
