Inland Real Estate Acquires Luxury LI Multifamily for $190M
JLL Capital Markets secured the $190-million sale of The Arboretum, a 292-unit luxury multifamily development in Farmingville, NY, within Suffolk County. Senior managing directors Jose Cruz, Steve Simonelli and Rob Hinckley, along with director Austin Pierce, represented the seller, BRP Companies.
The buyer was an affiliate of The Inland Real Estate Group of Companies, Inc. Matthew Tice, SVP of Inland Real Estate Acquisitions, LLC, facilitated the purchase on behalf of the Inland affiliate.
Located at 20 Maple Ln. and delivered in 2024, The Arboretum is a luxury 62-acre residential community offering contemporary living with 491,071 square feet of rentable space. It features a mix of single-family homes and garden-style apartments, with two- and three-bedroom units averaging 1,682 square feet.
JLL Capital Markets previously worked on behalf of a joint venture between BRP Companies and funds and accounts managed by BlackRock, to secure a $91m floating rate construction loan through Santander Bank.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout