An affiliate of The Inland Real Estate Group of Companies, Inc. has acquired The Arboretum, a newly delivered luxury multifamily community in Farmingville, NY, in a $190 million transaction. JLL Capital Markets arranged the sale of the 292-unit property, which is located within Suffolk County on Long Island. Senior managing directors Jose Cruz, Steve Simonelli and Rob Hinckley, together with director Austin Pierce, represented the seller, BRP Companies.
Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, facilitated the purchase on behalf of the Inland affiliate. The transaction marks a change in ownership for a large-scale rental community that only recently came online, reflecting investor interest in new, institutionally marketed multifamily assets on Long Island.
The Arboretum is situated at 20 Maple Ln. and was delivered in 2024. The luxury residential development spans 62 acres and comprises 491,071 square feet of rentable space. The community includes a mix of single-family homes and garden-style apartment buildings, providing a range of formats within the same master-planned environment. Units are configured as two- and three-bedroom residences, with an average size of 1,682 square feet, positioning the property toward larger household types and higher-end rental demand.
The recent sale follows earlier capital markets activity for the same project. JLL Capital Markets previously worked on behalf of a joint venture between BRP Companies and funds and accounts managed by BlackRock to secure construction financing for The Arboretum. That earlier financing consisted of a $91 million floating-rate construction loan provided through Santander Bank. With the completion and stabilization of the community, the asset has now transitioned to long-term institutional ownership via the Inland affiliate.
The sequence of construction financing followed by a sizable disposition underscores ongoing lender and investor appetite for new multifamily supply in this part of Suffolk County. It also highlights the role of institutional equity partners and global investment managers in capitalizing large, ground-up multifamily projects and subsequently bringing them to the investment sales market once they reach delivery.
