The Arboretum in New York trades hands for $190M

MORRISTOWN, N.J., March 2, 2026 –  JLL Capital Markets announced today that it has secured the $190 million sale of The Arboretum, a 292-unit luxury multifamily development in Farmingville, New York.

JLL represented the seller, BRP Companies. The buyer was an affiliate of The Inland Real Estate Group of Companies, Inc. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, facilitated the purchase on behalf of the Inland affiliate.

The Arboretum, located at 20 Maple Ln. in Farmingville's Suffolk County, offers excellent connectivity to the Long Island Expressway and Route 27, while being just 10 minutes from the Ronkonkoma LIRR station and 15 minutes from MacArthur Airport. The community sits strategically positioned approximately 50 miles east of Manhattan, appealing to residents seeking suburban living with access to major employment centers and transportation hubs.

Suffolk County continues to be one of the most supply-constrained multifamily markets in the country with fewer than 50,000 reportable units serving over 1.5 million residents. The Farmingville area, in particular, benefits from proximity to major employers including Stony Brook University Hospital and Northwell Health, creating sustained rental demand from healthcare professionals and university staff.

The Arboretum, built in 2024, is a luxury 62-acre residential community offering contemporary living with 491,071 square feet of rentable space. This modern development features a unique mix of single family homes and garden-style apartments, with spacious two- and three-bedroom units averaging 1,682 square feet. The property includes 50 detached single family homes representing 17% of units, creating a rare cottage-style setting. Residents enjoy resort-style amenities including an outdoor heated pool with cabanas, state-of-the-art fitness center with yoga studios, tennis and bocce courts, putting green, playground and a seven-acre park with walking trails and picnic areas.

JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors Jose Cruz, Steve Simonelli and Rob Hinckley, along with Director Austin Pierce.

JLL Capital Markets previously worked on behalf of a joint venture between BRP Companies and funds and accounts managed by BlackRock, to secure a $91m floating rate construction loan through Santander Bank (Arboretum Financing Announcement).

"The successful sale of The Arboretum underscores the continued strength of the Long Island multifamily market," said Cruz. "This property's unique combination of single family homes and garden-style apartments, along with its strategic Suffolk County location, make it an exceptional investment opportunity in today's supply-constrained environment."

The Arboretum is currently 98% occupied.  The community has achieved a 65% retention rate with rent renewal growth of 2% to 4%.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.