Cuccia of HFF completes $29.7 million sale of seven-acre multifamily development

The New Jersey office of Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of a seven-acre multifamily development site. HFF senior managing director Tony Cuccia marketed the land on behalf of a joint venture between Advance Residential Community (ARC) and Chase Partners, LLC that had secured approval for the development of 349 residential units on the site. Avalon Bay Communities Inc. purchased the land for $29.7 million free and clear of debt. The former industrial site is located at 100 Banks Ave., a short distance from the train station on Long Island. The multifamily development to be built on the site will be eligible for tax credits under the NYS Brownfield Development Program. "This is an excellent example of turning a former underutilized industrial site into an outstanding residential community, which will add substantially to the tax base of the village of Rockville Centre," said Cuccia. Avalon Bay Communities is a major public REIT, which specializes in developing, redeveloping, acquiring and managing luxury apartment communities throughout the U.S.