Jeffrey Dunne and Gene Pride Awarded for Sale of Devonshire Hills Apartments in Hauppauge, NY
Jeffrey Dunne, Vice Chairman of CBRE’s Institutional Properties group, along with Senior Vice President Gene Pride, were awarded Top Multifamily Sale at the Long Island Business News Real Estate Awards for 2017. Dunne and Pride were recognized for the sale of Devonshire Hills Apartments, a 656-unit apartment community located in Hauppauge, NY. The team represented Home Properties in the $171,000,000 transaction, selling the property to Bainbridge Communities.
Led by Mr. Dunne, the CBRE Institutional Properties Group specializes in the sale of multifamily, office, retail and industrial investment properties in the suburban markets surrounding New York City including Long Island, Westchester and Fairfield Counties and Northern and Central New Jersey. In 2016, the team completed $2.3 billion in 47 sales in the region and over $11 billion in sales over the past five years.
Regarding the transaction, Mr. Dunne commented: “We are pleased to have represented Home Properties in the sale of Devonshire Hills to Bainbridge Communities. Long Island is one of the strongest rental markets in the northeast with the highest historical occupancy in the New York suburbs due to the severe barriers to new construction. This dynamic allows owners to invest in older properties upgrading units with new finishes which are under-supplied in the market. We expect Bainbridge Communities will enjoy great success with the property.”
CBRE Institutional Properties has a number of attractive apartment investment opportunities currently on the market including: Willow Grove, a 135-unit apartment complex in Danbury, CT; Cliffside Park, a 314-unit apartment community in Cliffside Park, NJ; The Wescott, a 261-unit apartment complex in Stamford, CT; and The Landing on Mohegan Lake, a 207-unit apartment complex in Mohegan Lake, NY.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
