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FPA Multifamily Acquires 72 Unit Senior Apartment Complex In Wheatley Heights For $15.8M

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SOLD
$15,800,000

New York

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MultiFamily44,600 SF
Sold 03/05/2025
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Property Image
SOLD

FPA Multifamily Acquires 72 Unit Senior Apartment Complex In Wheatley Heights For $15.8M

50 Colonial Springs Road

See Similar Deals
MultiFamily44,600 SF
Sold 03/05/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$354
Total Square Footage:44,600 SF
Transaction Type:Sale

This multifamily property located at 50 Colonial Springs Road in Wheatley Heights features 72 units with a total square footage of 44,600. The transaction was completed for a total amount of $15,800,000, resulting in a price per unit of $219,444 and a price per square foot of $354.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $15,800,000
  • Buyer: FPA Multifamily
  • Seller: Wheatley Hollow Garden Apartments
  • Broker: Clem Coté - Sovereign Realty Group
  • Units: 72
  • Square Footage: 44,600
  • Price per Unit: $219,444
  • Price per Square Foot: $354

Clem Coté from Sovereign Realty Group represented the transaction, facilitating the closing for this senior apartment complex. The broker navigated various issues that ownership faced, such as vendor complications and significant deferred maintenance across the units. The successful collaborations between the broker, ownership, and their counsel enabled favorable cash offers leading to the closing of the deal, satisfying both the seller and buyer.

Players

Clem Coté
Sovereign Realty Group
Clem Coté
7 deals$55.4M volume(516) 340-9696
BROKER
FPA Multifamily
FPA Multifamily
BUYER

Details

SOLD
IMAGE: Clem Coté DATE: 3/5/2025 ADDRESS: 50 Colonial Springs Road MARKET: Wheatley Heights ASSET TYPE: Multifamily BUYER: FPA Multifamily SELLER: Wheatley Hollow Garden Apartments BROKER: Clem Coté (@ClemCote) - Sovereign Realty Group (@SovereignRealtyGroupLLC) SALE PRICE: $15,800,000 UNITS: 72 ~ PPU: $219,444 SF: 44,600 ~ PPSF: $354 NOTE FROM BROKER: Sovereign Realty Group would like to announce the closing of this 72 Unit Senior Apartment complex located just outside Melville, New York for $15,800,000 or $219,444 per unit. Ownership had inherited the property and was immediately immersed in issues with vendors, non-conforming tenancies, and poor record keeping. All of the units needed substantial renovations and the property had significant deferred maintenance that needed to be addressed. Sovereign Realty Group stepped in to navigate Ownership through the issues and procure multiple cash offers with favorable closing terms. Along with the cooperation of ownership and their counsel, SRG was successfully able close the transaction to the satisfaction of the Seller and Buyer. We are grateful for the opportunity to help ownership to make this transaction successful. Best of luck to the new Buyers. For a complementary consultation on your commercial real estate assets, reach out to an SRG agent today. é

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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