Home Properties purchases Hauppage complex for $46.5 M

Real Estate Weekly, Oct 3, 2001

Home Properties has purchased the Windsor Village at Hauppauge apartment complex in Hauppauge, New York, for $46.5 million. Cushman & Wakefield, Inc.'s Metropolitan Area Financial Services Group (FSG) and The Apartment Group orchestrated the transaction on behalf of the seller, General Investment & Development Co.

Situated on just over 20 acres, Windsor Village at Hauppauge includes 297 one- and two-bedroom units in 18 two-story buildings. The property includes a clubhouse/ fitness center, playground, outdoor pool, and tennis and basketball courts.

A central Long Island location along Veterans Memorial Highway, less than one-half mile from the Long Island Expressway, has contributed to the property's outstanding leasing track record and enhanced its investment appeal, according to FSG senior director Gary Gabriel.

"Hauppauge boasts an estimated $99,000 average annual household income, outstanding schools, and is located in the midst of a notable corporate and technology presence," he said. "Within this context, General Investment & Development has maintained and modernized the buildings and grounds continually since the property's construction in 1968."

Windsor Village at Hauppauge has maintained an average occupancy rate exceeding 95 percent in each of the last 10 years and, at the time of the sale to Home Properties, it was 99 percent leased, Gabriel noted. "With limited opportunities for purchasing high-quality, multi-family real estate on Long Island and throughout the New York area, Windsor Village presented a compelling investment opportunity," he added.