SOLD: $232,500,000
CLOSED: FEBRUARY 2020
La Bonne Vie Apartments
Patchogue, New York
 
Institutional Scale Deep Value-Add Workforce Housing
CBRE is pleased to announce the sale of La Bonne Vie, a 915-apartment community in Patchogue, N.Y. for a total consideration of $232,500,000. The sale comprised of 626 market-rate apartments and 289 age-restricted (55+) apartments. CBRE represented the owners, an undisclosed consortium of partnerships in this transaction. The purchaser, Renaissance Management, is a family office based in the Metro New York area with significant experience in comparable workforce housing.

The offering presented investors with a generational value-add opportunity as 100% of units were preserved in the same condition since the properties were first built over 40-years ago. Due in part to its extraordinary scale, low cost basis and abundant amenities. The purchaser will be planning to invest substantial funds to enable the property to thrive in the 21st Century and provide quality housing to its tenants.

This sale follows several other notable Long Island workforce housing sales that the CBRE team completed in 2019 including the Home Properties Portfolio ($472.5M), Hawthorne Court ($94.25M), Mid-Island Apartments ($58.5) and The Preserve at Coram ($30.9M).
For more information about this transaction, please contact:
JEFFREY DUNNE
Vice Chairman
+1 203 352 8928
jeff.dunne@cbre.com
 
JEREMY NEUER
Executive Vice President
+1 732 509 2888
jeremy.neuer@cbre.com
 
GENE PRIDE
Senior Vice President
+1 203 352 8906
gene.pride@cbre.com
 
STEVEN BARDSLEY
Senior Vice President
+1 203 352 8933
steven.bardsley@cbre.com
 
DAVID GAVIN
Senior Vice President
+1 203 352 8944
david.gavin@cbre.com
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