Two Long Island firms are the buyer and seller of a newly built rental complex in Lindenhurst.
Fairfield Properties has purchased the 260-unit transit-oriented rental development called The Wel for $147 million.
The Wel was a joint venture between East Setauket-based Tritec and its capital partner San Francisco-based Rockwood Capital. Tritec began construction of the $103 million project in Oct. 2019 and opened the complex in Oct. 2021.
The Wel has a mix of studio-, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, game room and a rooftop deck.
The Wel, built on a 7-acre former industrial site at 75 East Hoffman Ave., is located directly across the street from the Lindenhurst Long Island Rail Road station. The development earned a Top Multifamily Project honor at LIBN’s Real Estate, Architecture & Engineering Awards last year.
Read the full article in Long Island Business News.
