The Wel
Update
04/11/22
Gorgeous Long Island Multi-Family Trades for $146M
A new residential development, known as "The Wel", has been acquired for $146 million by Long Island's multi-family management titan, . Located at 75 East Hoffman Avenue in Lindenhurst, the structure was recently completed in the spring of last year. It was offloaded by , the project's developer, and Rockwell Capital in a deal brokered by JLL.
The Wel offers rental units, available in studio, one, two, and three-bedroom configurations. It also has dozens of unique floor plans thanks to a non-uniform layout. Designed by , the building totals square feet and sits on over 7 acres of land.
Tenant amenities include a fitness center, an outdoor pool, a rooftop lounge, an open kitchen, pet washing facilities, BBQ stations, and a landscaped courtyard. Both open and enclosed parking options are available as well as an area to store bicycles.
Marketed as a luxury, transit-oriented development, residents have quite possibly the easiest commute into NYC, with the Lindenhurst LIRR station positioned just across the street.
A little fun fact about The Wel is that it was constructed around a local, underground creek. Prior to the property's redevelopment, this creek was concealed in a tunnel that ran underneath an industrial park. As part of the project, chose to uncover and incorporate this natural water source into the building's overall design. As a result, the structure has a built-in bridge section, allowing the water to pass right under the structure.
Greystar has acted as the property manager for The Wel since leasing commenced last April. In that time, almost every unit has been filled and the development has received high praise from its residents. As of right now, it's unclear if Fairfield plans to take over all day-to-day operations or if the purchase was purely made as a portfolio investment.
