Long Island rental complex trades for $138M


A sprawling 434-unit apartment complex in Central Islip has been sold for the third time in six years. 

Capstone Properties LLC, a Long Island-based real estate investment firm, is the newest buyer of the Hawthorne Court rental community. 

The price was not disclosed, but real estate sources say it sold for $138 million. 

Originally built in 1967, the garden-apartment-style Hawthorne Court is comprised of 20 buildings on 25.5 acres on Hawthorne Ave. The property is about 93 percent occupied. 

The seller is a fund known as Abacus Multi-Family Partners, an affiliate of Abacus Capital Group, which has offices in Manhattan, Los Angeles and Denver. The company had purchased the Central Islip asset for $94.25 million in Sept. 2019. 

Previously owned by Rochester-based Home Properties, Hawthorne Court was sold in June 2016 to a joint venture of Stamford, Conn.-based Post Road Group and Spruce Capital Partners for $80.5 million. 

The new owner will likely invest in improvements to the apartments and the amenities at the Hawthorne Court community, according to sources. 

Steve Simonelli and Jose Cruz of JLL represented the buyer, as well as the seller, in the sales transaction, but the brokers declined to comment on the deal. 





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