The property involved in this transaction is the 656-unit Devonshire Hills multifamily community, located at 1710 Devonshire Rd, Hauppauge, NY. It features various amenities including a fitness center, two swimming pools, a tennis court, and two playgrounds. The market for this property is Hauppauge, and it has undergone significant transitions since being built in two phases from 1966 to 1969. The property was originally developed as two separate properties that were combined in 2001.

Summary of transaction details:

• Property Type: Multifamily Community
• Transaction Amount: Undisclosed
• Address: 1710 Devonshire Rd, Hauppauge, NY
• Market: Hauppauge
• Seller's Representatives: David Gavin (CBRE), Eric Apfel (CBRE), Gene Pride (CBRE)
• Buyer's Representative: Jeffrey Dunne (CBRE)
• Buyer: Renaissance Management
• Seller: Bainbridge Companies

The transaction was facilitated by a team from CBRE, including Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, David Gavin, and Eric Apfel. Renaissance Management, which is based in New Jersey, has previously acquired another community on Long Island in March, when they purchased La Bonne Vie for $232.5 million. The company now owns and operates over 10,000 apartment units across 21 properties in New York, New Jersey, Maryland, and Virginia. According to Jeffrey Dunne, the purchaser is set to make significant investments to upgrade the property for future tenants.