Luxury apartment complex in Farmingdale sells for $73.5 million

Fairfield Properties, a Melville-based owner of rental apartments across Long Island, has acquired two prominent properties near the LIRR station in downtown Farmingdale.

Fairfield purchased The Jefferson at Farmingdale Plaza, a 154-unit, luxury complex with nearly 20,000 square feet of retail space, for $73.5 million from a joint venture of H.I.G. Realty Partners of Manhattan and Irving, Texas-based JPI, according to a news release from brokerage Cushman & Wakefield.

The rental complex, at 148 S. Front St., is home to retailers Starbucks, Tao Asian Bistro and Eastern Breeze spa on its lower levels.

For residents, the property features amenities including a health club with yoga studio and aerobics center, a business lounge, covered parking, a furnished outdoor courtyard area, club room with billiards, small movie theater and dog park.

Fairfield also has completed the purchase of the Silver Manor Apartments, a 55-and-over community adjacent to The Jefferson, for approximately $16 million, the company said. The age-restricted residence has 49 two-bedroom units.

Executives with the firm said they plan to upgrade the properties’ interiors and exterior common areas, adding that the purchases “fit perfectly into our portfolio.”

The Jefferson will be rebranded as Fairfield Plaza at Farmingdale Village, and Silver Manor will be renamed Fairfield Knolls at Farmingdale Village.

Last year, Fairfield purchased the 42-unit Cornerstone building, at 40 Elizabeth St., across the LIRR tracks from The Jefferson, for more than $15 million.

In March, Fairfield purchased a portfolio  of seven apartment complexes across Long Island for $472.5 million. That purchase, which included 1,496 units of multifamily housing throughout Nassau and Suffolk counties, was the largest single purchase in Fairfield’s history.

Fairfield’s portfolio includes more than 150 apartment communities totaling about 11,500 rental units, the company said.