JLL Capital Markets facilitates $190m sale of 292-unit The Arboretum to Inland affiliate

Farmingville, NY JLL Capital Markets has secured the $190 million sale of The Arboretum, a 292-unit luxury multifamily development.

JLL represented the seller, BRP Companies. The buyer was an affiliate of The Inland Real Estate Group of Companies, Inc. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, facilitated the purchase on behalf of the Inland affiliate.

The Arboretum, located at 20 Maple Ln. in Suffolk County, offers connectivity to the Long Island Expwy. and Rte. 27, while being 10 minutes from the Ronkonkoma LIRR station and 15 minutes from MacArthur Airport. The community is 50 miles east of Manhattan, appealing to residents seeking suburban living with access to major employment centers and transportation hubs.

The Arboretum, built in 2024, is a 62-acre residential community with 491,071 s/f of rentable space. This development features a mix of single family homes and garden-style apartments, with two- and three-bedroom units averaging 1,682 s/f. The property includes 50 detached single family homes representing 17% of units, creating a cottage-style setting. Amenities include an outdoor heated pool with cabanas, fitness center with yoga studios, tennis and bocce courts, putting green, playground and a seven-acre park with walking trails and picnic areas.

JLL Capital Market’s investment sales and advisory team was led by senior managing directors Jose Cruz, Steve Simonelli and Rob Hinckley, along with director Austin Pierce.

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.

“The successful sale of The Arboretum underscores the continued strength of the Long Island multifamily market,” said Cruz. “This property’s unique combination of single family homes and garden-style apartments, along with its strategic Suffolk County location, make it an exceptional investment opportunity in today’s supply-constrained environment.”

The Arboretum is 98% occupied. The community has achieved a 65% retention rate with rent renewal growth of 2% to 4%

Suffolk County continues to be one of the most supply-constrained multifamily markets in the country with fewer than 50,000 reportable units serving over 1.5 million residents. The Farmingville area, in particular, benefits from proximity to major employers including Stony Brook University Hospital and Northwell Health, creating sustained rental demand from healthcare professionals and university staff.