CBRE announced the sale of The Cornerstone Hauppauge, a 98-apartment, 55+ luxury community in Hauppauge, N.Y. The CBRE team of Jeffrey Dunne, Gene Pride, Travis Langer, and Zach McHale, along with Aron Will and Austin Sacco of CBRE’s Senior Housing Group, represented the owner, Terwilliger& Bartone Properties, and procured the buyer, a joint venture between two institutional partners.
Built in 2019, The Cornerstone Hauppauge is a highly amenitzed Class A multifamily community with a resident clubhouse and lounge, conference room, caterer’s kitchen, fitness center and outdoor grill. The apartments feature designer finishes with quartz counters, stainless steel appliances, vinyl plank flooring, tile backsplash and pendant lighting.
“The sale of The Cornerstone Hauppauge illustrates the ongoing demand by investors for high quality, suburban assets that are performing well during the pandemic. There was fierce competition for this offering from national, regional and local investors which is a testament to the quality of the asset and the location,” stated Dunne.
“New ownership should do well with the property as they bring their ‘active adult’ operational expertise and build on the solid occupancy and strong tenancy currently in place. Terwilliger & Bartone Properties built a gorgeous community with quality finishes that leased quickly even during the pandemic, which is a testament to the property,” added Pride.
CBRE Institutional Properties is currently marketing for sale The Fairfield, a 263-unit value-add apartment community in Stamford, CT; 77 West Post Road, a 400-unit, multifamily development site in White Plains, NY; The Light House, a 50-unit multifamily community in Port Chester, NY; and 803 South Avenue, a 100% market rate, fully approved residential development site with a 30-year PILOT in Plainfield, NJ.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.com.
