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Renaissance Management Acquires Multifamily Portfolio In Patchogue For $232.5M

Property Image
SOLD
$232,500,000
Jeffrey Dunne
Eric Apfel
David Gavin
+ 3

New York

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MultiFamily
Sold 02/28/2020
the dealplayerscompscontact
Property Image
SOLD

Renaissance Management Acquires Multifamily Portfolio In Patchogue For $232.5M

200 La Bonne Vie Dr, East Patchogue, NY 11772, USA

See Similar Deals
MultiFamily
Sold 02/28/2020
Jeffrey Dunne
Eric Apfel
David Gavin
+ 3
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale

The multi-family portfolio located at 200 La Bonne Vie Drive in Patchogue, Long Island has been sold in a closed transaction. The portfolio consists of 149 buildings with a total of 915 units. The transaction price for the portfolio was $232,500,000, which equates to an average price per unit of $254,098.

Summary of transaction details

  • Property Type: Multifamily Portfolio
  • Transaction Amount: $232,500,000
  • Buildings: 149
  • Units: 915
  • Price Per Unit: $254,098

The buyer of the portfolio is Renaissance Management, while the seller is La Bonne Vie Organization. The transaction was facilitated by brokers Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, and David Gavin & Eric Apfel.

Players

Gene Pride
Newmark
Gene Pride
22 deals$1.6B volume
BROKER
Jeremy Neuer
JLL
Jeremy Neuer
45 deals$1.9B volume
BROKER
Eric Apfel
CBRE
Eric Apfel
26 deals$1.9B volume(203) 286-3027
BROKER
Steven Bardsley
CBRE
Steven Bardsley
47 deals$1.9B volume
BROKER
David Gavin
CBRE
David Gavin
45 deals$2B volume
BROKER
Jeffrey Dunne
CBRE
Jeffrey Dunne
86 deals$4B volume
BROKER
RM
Renaissance Management
BUYER

Details

SOLD
IMAGE: Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, David Gavin & Eric Apfel DATE: 02/28/2020 ADDRESS: 200 La Bonne Vie Drive MARKET: Patchogue, Long Island ASSET TYPE: Multifamily Portfolio PRICE: $232,500,000 BUILDINGS: 149 UNITS: 915 PPU: $254,098 BUYER: Renaissance Management SELLER: La Bonne Vie Organization BROKERS: Jeffrey Dunne, Jeremy Neuer, Gene Pride, Steven Bardsley, […]

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$12,400,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$826,023.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,102,168.62
Annual Debt Service$13,226,023.39