Broadway Knolls, 2200 Dolphin Lane - Holbrook, NYHolbrook, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed the $81.875 million sale of Broadway Knolls, a 284-unit, garden-style apartment property.
HFF marketed the property along with Select Real Equity Advisors on behalf of the seller, Clarion Partners, LLC, who acted on behalf of a commingled fund advised by the firm. A private buyer purchased the asset free and clear of existing debt. The sale price of nearly $82 million, or $290,000 per unit, represents record pricing for Suffolk County.
Broadway Knolls is located at 2200 Dolphin Ln. off of Veterans Memorial Hwy. with nearby access to Interstate 495 (Long Island Expressway), Interstate 27 (Sunrise Hwy.) and Long Island’s MacArthur Airport. The property, built in 2006 and consisting of 22 buildings on nearly 27 acres, is 97.9% leased and offers one and two-bedroom floor plans ranging from 1,000 to 1,300 s/f. The units, a portion of which have undergone a light renovation, including the addition of stainless steel appliances and vinyl flooring, feature private balcony/patio and some covered parking. Community amenities include a fitness center, outdoor swimming pool, newly constructed grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval.
“With this transaction, the seller successfully capitalized on the strong demand for multifamily assets on Long Island,” said Cruz.