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REA
March 20, 2019  

Long Island Apartments on Market

A Long Island apartment property could attract bids of $95 million.The 434-unit Hawthorne Court, at 211 Hawthorne Avenue in Central Islip, N.Y., is being pitched as a value-added play. At the estimated price of nearly $220,000/unit, the buyer’s initial annual yield would be 5.4%. CBRE is representing the owner, Post Road Group of Stamford, Conn.The garden-style property is 95% occupied. A buyer likely would aim to raise rents by performing...


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