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Lone Star Sells $472.5M Long Island Portfolio to Fairfield Properties

The private equity firm sold the Class B multifamily assets to Fairfield Properties and FCP a week after selling a $1.1 billion portfolio of MD and VA apartments to the Kushner Companies.

Fairfield Properties headquarters Fairfield Properties headquarters, 538 Broadhollow, Melville, NY

NEW YORK CITY—Fairfield Properties, a major owner of multifamily properties on Long Island, and FCP℠ acquired a $472.5 million, seven-asset portfolio in Nassau and Suffolk Counties. The seller of the property comprising 1,496 units was Rochester-based Home Properties, according to Long Island Business News. That company is owned by the private equity firm Lone Star. This transaction was announced a week after Lone Star sold a $1.1 billion portfolio of more than 6,000 apartments in MD and VA to the Kushner Companies.

FCP℠ invested $100 million in preferred equity in the deal. Freddie Mac and Citibank provided senior loans for the acquisition. The Long Island, NY properties include the following apartment complexes:

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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