Terwilliger & Bartone Properties has sold the 98-unit senior housing development
The Cornerstone Hauppauge to a joint venture between two institutional partners.
The developer built the 55+ luxury community in Hauppauge, N.Y. in 2019 at a cost of $22.5 million, according to documents filed with the Town of Islip IDA.
The CBRE team of Jeffrey Dunne, Gene Pride, Travis Langer and Zach McHale, along with Aron Will and Austin Sacco of CBRE’s Senior Housing Group, represented the seller and procured the buyer.
The Class A multifamily community offers tis residents a clubhouse and lounge, conference room, caterer’s kitchen, fitness center and outdoor grill. The apartments feature designer finishes with quartz counters, stainless steel appliances, vinyl plank flooring, tile backsplash and pendant lighting.
“The sale of The Cornerstone Hauppauge illustrates the ongoing demand by investors for high quality, suburban assets that are performing well during the pandemic. There was fierce competition for this offering from national, regional and local investors which is a testament to the quality of the asset and the location,” stated Dunne.
“New ownership should do well with the property as they bring their ‘active adult’ operational expertise and build on the solid occupancy and strong tenancy currently in place. Terwilliger & Bartone Properties built a gorgeous community with quality finishes that leased quickly even during the pandemic, which is a testament to the property,” added Pride.