Fairfield Properties has expanded its growing multifamily portfolio with the acquisition of a sprawling Massapequa rental complex.
Melville-based Fairfield purchased the 214-unit Southpoint Apartment Homes community, located on 31 acres at 25 Weaver Drive.
The sale price was not disclosed, but industry sources say the complex sold for $106 million or more than $495,000 per unit.
Southpoint features 14 buildings in a townhouse-style layout with individual entrances and terraces or balconies for each apartment.
The seller, Los Angeles-based JRK Property Holdings, had purchased the Massapequa property in March 2013 for $48 million. The complex had been JRK’s only Long Island asset.
Fairfield has been very active in buying rental properties on Long Island over the last few years. In October, the family-owned company purchased a 200-unit apartment complex on 41 acres in Coram for $70 million. Fairfield, Long Island’s largest owner and manager of rental housing, now has about 13,000 apartments in more than 160 rental communities.
Steve Simonelli and Jose Cruz of JLL brokered the Massapequa deal.