Investor sinks cash into Long Island apartments

Brokerage Marcus & Millichap recently arranged the sale of two multifamily communities in West Babylon, N.Y., for an aggregate price of nearly $12.8 million.

The properties, Suburbia Gardens and Thunderbird Gardens, located at 381 Great East Neck Road and 101 Magaw Place, respectively, consist of six two-story buildings situated approximately one mile apart. There are 85 units total in the assets.

John Caruso of Rinmark Properties and Kimcore Realty sold the complexes to Mark Broxmeyer of Fairfield Properties.

According to a press statement, "The Broxmeyers take great pride in their properties, and will invest millions of dollars to upgrade and improve these well-located assets to better serve their tenants for years to come."

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.