Capstone Properties Acquires Multifamily Property In Long Island For $138.3M

Capstone Properties has acquired a multifamily property located at 211 Hawthorne Ave. in Long Island. The property, consisting of 434 units, was sold by Abacus Capital Group for a total price of $138,250,000. The purchase price equates to approximately $318,548 per unit and the property spans 321,205 square feet with a price per square foot of $430.

Summary of Transaction Details:

• Property Type: Multifamily
• Transaction Amount: $138,250,000
• Units: 434
• Price per Unit: $318,548
• Total Square Footage: 321,205
• Price per Square Foot: $430
• Market: Long Island

The transaction was facilitated by JLL, with brokers Steve Simonelli, Jose Cruz, Michael Oliver, Kevin O'Hearn, Andrew Scandalios, and Josh Stein representing both the buyer, Capstone Properties, and the seller, Abacus Capital Group.