FCP® announces that it recently closed on a preferred equity investment to facilitate Fairfield Properties’ acquisition of a residential community currently known as Avalon Glen Cove located in the village of Glen Cove, New York. Fairfield Properties, a Melville-based owner and developer of commercial real estate, is the largest multifamily owner and operator on Long Island with over 45 years of experience.
The luxury mid-rise property will be rebranded as Fairfield Metro at Glen Cove and consists of 367 residential units. The transit-oriented property is located near the Glen Cove Station on the Oyster Bay Branch of the Long Island Railroad, which has a 1-hour trip between Glen Cove and New York City. The brand-new Glen Cove Ferry will provide riders with an additional option for their daily commutes to Manhattan.
Fairfield Metro at Glen Cove offers thoughtfully designed studios and one- and two-bedroom apartments that include gourmet kitchens with refined finishes, washers and dryers, spacious walk-in-closets and private patios or balconies. Community amenities include AM/PM concierge-attended lobbies, two outdoor swimming pools with sundeck, two fitness centers, an underground, indoor parking garage, a landscaped picnic area and a resident cinema.
“We are excited to continue to grow our relationship with Fairfield with our investment in this Class A community in the Glen Cove market, which complements Fairfield’s portfolio and operational experience.” said FCP Senior Vice President, E.J. Corwin.
Fairfield Metro at Glen Cove represents FCP’s fifth transaction with Fairfield Properties.
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
Fairfield Properties, headquartered in Melville, New York, is the largest owner and operator of multifamily real estate properties on Long Island. Their portfolio consists of over 150 Apartment Communities totaling 12,500 rental units and 15 Office Buildings with over 1.5 million square feet of commercial space.