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Greystar acquires LI seniors property for $118M

Marcus & Millichap announced the sale of The Vistas of Port Jefferson, a 244-unit, age 55-plus multifamily property in Port Jefferson Station, New York. The asset sold for $118 million, or $483,607 per unit.

“This was a rare opportunity to acquire a new construction multifamily asset in a growing suburban market in the New York City metro area,” said Michael Tuccillo, a Long Island commercial real estate specialist in Marcus & Millichap’s Manhattan office

Tuccillo procured the buyer, Greystar, and represented the seller, Benjamin Company, in collaboration with Jack Bick of S. Charaton Realty.

Built in 2019 on 27 acres, the 30-building property is located on the North Shore of Suffolk County, in Long Island. The Port Jefferson Long Island Rail Road station is five minutes away and Northwell Mather Hospital is nearby. The unit mix is 36 one-bedroom flat units, 144 two-bedroom flat units, and 64 two-bedroom townhouses.

The gated-access community’s amenities include a pool, clubhouse, fitness center, pond, walking and biking trails. Apartments have in-unit washers and dryers, double-pane windows, and security systems. Fifteen percent of the units are affordable housing for area residents making between 30-80 percent of the area median income.

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