Today, representatives of CBRE, led by the joint efforts of the Senior Housing team led by Aron Will, John Sweeny, Scott Bray and the New York Metro Institutional Sales team led by Jeff Dunne and Eric Apfel announced the sale of Sutton Landing at Mount Sinai, a 225-unit Active Adult/Age-Restricted/55+ community in Mount Sinai, New York. This is the second of two properties, the previous one being Sutton Landing at Deer Park that closed on October 10th. The portfolio represents 425 units combined.
CBRE also arranged the financing of the transaction via its Freddie Mac Optigo Lending Platform. The financing was arranged by the CBRE National Senior Housing team led by Aron Will, Matthew Kuronen, and Michael Cregan and the New York CBRE Debt and Structured Financing Team led by Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz.
CBRE represented the seller, a partnership between B2K Development—a Long Island-based real estate development group—and Harrison Street—one of the leading investment management firms exclusively focused on alternative real assets. The team also procured the buyer, Fairfield Knolls at Mount Sinai Fee Owner LLC, a real estate investment group based in Melville, NY. The purchase included the assumption of the remaining IDA benefits by the buyer.
Built in 2021 by B2K Development, Sutton Landing at Mount Sinai is residential community with a mix of garden-style residential apartments and single-story single family rentals catering to residents ages 55 and over. Property amenities include an opulent two-story resident clubhouse with fitness center, yoga room/pilates studio, massage room, game room, lounge area with coffee and sports bar, leasing office, catering kitchen and secured storage spaces. The community also features a stunning outdoor pool area and luxurious outdoor grilling, dining and entertaining space with outdoor kitchen, and fire pits. Other outdoor amenities include pickleball courts, two putting greens, a bocce ball court and manicured walking paths.
CBRE’s Aron Will said, “There was significant interest in the offering due to its location in Suffolk County on Long Island where Active Adult sales are comparatively rare. Residents benefit from access to coveted employment sectors of health care, higher education and finance which drives a robust employment sector. The buyer will benefit greatly from steady cashflow and high occupancy rates due to the strong demand for Active Adult rental product in on Long Island.”
CBRE’s Jeff Dunne said, “We are pleased to have represented B2K and Harrison Street in the sale of Sutton Landing at Mount Sinai. B2K brings incredible attention to detail to their communities from their amenities to their unit finishes. They have created an exceptional platform and brand which is delivering exceptional and attainable housing options to the residents of Mount Sinai and Long Island. We expect the buyer will realize the benefits of owning such a high-quality property for years to come.”
B2K is a real estate firm that owns, develops, and manages prime real estate properties across the Eastern Seaboard. B2K is one of Harrison Street’s largest partners who we’ve had a longstanding relationship dating back more than a decade.
Harrison Street is a strong supporter of the senior housing market as one of the top five owners of senior housing in the United States and will continue to execute and innovate within its core strategies to meet the growing demands and needs of the senior population. Since inception, the Firm has invested over $13.8 billion in senior housing properties including more than 41,700 independent living, assisted living and memory care units. Harrison Street has invested over $66 billion across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure.
