JLL Capital Markets complete $146 million sale of the 260-unit The Wel

Lindenhurst, NY JLL Capital Markets has closed the $146 million sale of The Wel, a 260-unit, newly constructed, mid-rise, multi-housing community. The $146 million sale price was for both the real estate as well as the significant 30-year IDA tax package; no details were supplied on the price allocation.

JLL represented the seller, a JV between Tritec Real Estate Company, Inc. and an affiliate of Rockwood Capital. Fairfield Properties acquired the asset.

Built in 2021, The Wel features studio, one-, two- and three-bedroom units with an average unit size 916 s/f. Community amenities include a pool and patio deck, fitness center, pool table, game room, open kitchen, rooftop lounge deck, firepits, barbecue stations, dog wash station, bike storage, landscaped courtyard, open-air and garage parking and co-working space.

Residents benefit from the property’s proximity to coastal locations, such as Jones Beach, Fire Island and The Hamptons, as well as the walkability to downtown, featuring restaurants, shops and breweries along Welwood Ave. The Wel is located at the Lindenhurst station on the Long Island Railroad, providing access to New York City and is strategically located near I-495, 27-A and the Southern State Pkwy., offering connectivity to all major Long Island highways and the greater Tri-State area.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O'Hearn and Jason Lundy. This is the team’s fourth closed transaction on Long Island in the last six months.

“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.”