Long Island Business News Link - https://libn.com/2023/02/07/long-held-li-apartment-portfolio-sells-for-59-6m/?utm_term=Long-held

On February 1, 2023, Fairfield Properties acquired The Wimmer Portfolio, located in Bay Shore, NY from the estate of the original developer for a total price of $59,600,000. John Thomas and Mark Walsh, principals of Select Real Equity Advisors, handled the exclusive marketing and sale transaction for the Wimmer Estate and Fairfield. The Bay Shore portfolio is comprised of 228 rental apartments in 5 multifamily garden style communities, plus a single-family home. The garden apartment communities were constructed in the 1960’s, were well located and well maintained for their vintage however they were at a point in the cycle where they would benefit from marketplace appropriate upgrades. Select carefully consulted with ownership, recognized their needs and developed a targeted marketing campaign to a limited group of qualified prospective purchasers. In spite of the upward movement in interest rates and other marketplace factors, the transaction was completed in approximately 90 days from contract execution. It is anticipated the Fairfield will enhance the appearance and operations of the properties to be consistent with their well-recognized brand.

Statement from the Seller of The Wimmer Portfolio

“These properties were assembled, constructed and run by Alfred and Rosina Wimmer and passed onto their only daughter Joan Wimmer.  With the passing of Joan in October of 2021, we were charged with carrying out the wishes of Alfred, Rose and Joan Wimmer.   The Trusts created required the Trustees to sell the properties and distribute the proceeds to the beneficiaries. 

We chose John Thomas and Mark Walsh of Select Real Equity Advisors because of their history of successfully marketing multifamily communities.  We collaboratively developed and initiated a well thought out plan to conduct a highly targeted and professional marketing campaign.  We considered some very strong offers from other very well qualified purchasers and selected Fairfield as the buyer as we were satisfied with their offer and felt very confident in their reputation to complete the transaction in a timely and professional manner.  We also know that Alfred, Rose and Joan would have wanted the properties to be in the hands of a company that would improve them and be a good steward moving forward.  We feel that Fairfield was the right buyer, especially because of their improvements in Bay Shore as well as all over Long Island.  We are extremely happy with the marketing and transaction execution.   We are also very pleased with the legal counsel provided by our attorney, Michael Ricigliano, Jr.”