Investor sinks cash into Long Island apartments

Millions in improvements planned

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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." ...