Inland Real Estate Acquires The Arboretum in $190M Multifamily Real Estate Transaction in Farmingville, NY

An affiliate of The Inland Real Estate Group of Companies, Inc. has completed a $190 million real estate acquisition of The Arboretum, a 292-unit luxury multifamily community in Farmingville, New York, according to an announcement from JLL on March 2, 2026.

JLL Capital Markets represented the seller, BRP Companies, in the transaction. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, facilitated the purchase on behalf of the Inland affiliate. The deal values the property at approximately $651,000 per unit and $387 per square foot across the community's 491,071 square feet of rentable space.

Property Overview: A Newly Delivered Multifamily Asset

The Arboretum, located at 20 Maple Ln. in Suffolk County, was delivered in 2024 and was fully leased at the time of sale. Situated on 62 acres, the community offers a mix of single-family homes and garden-style apartments, with two- and three-bedroom units averaging 1,682 square feet.

Approximately 17% of the community's 292 units — or 50 homes — are detached single-family residences, a format that distinguishes the property within the suburban multifamily market.

Amenities at the property include an outdoor heated pool with cabanas, a fitness center with yoga studios, tennis and bocce courts, a putting green, a playground, and a seven-acre park with walking trails and picnic areas.

Market Context: Supply-Constrained Conditions

Suffolk County is among the most supply-constrained multifamily markets in the United States, with fewer than 50,000 reportable units serving a population of more than 1.5 million residents, according to JLL. The Farmingville submarket benefits from proximity to major employers including Stony Brook University Hospital and Northwell Health, which generate sustained rental demand from healthcare professionals and university staff.

Location and Connectivity

The Arboretum's location approximately 50 miles east of Manhattan positions it as a suburban alternative for commuters seeking access to major employment centers. The property offers direct connectivity to the Long Island Expressway and Route 27, and is situated 10 minutes from the Ronkonkoma Long Island Rail Road station and 15 minutes from MacArthur Airport.

JLL Capital Markets Team and Prior Financing

The JLL Capital Markets Investment Sales and Advisory team that represented BRP Companies in the disposition was led by Senior Managing Directors Jose Cruz, Steve Simonelli, and Rob Hinckley, along with Director Austin Pierce.

JLL Capital Markets previously arranged financing for the project on behalf of a joint venture between BRP Companies and funds and accounts managed by BlackRock, securing a $91 million floating-rate construction loan through Santander Bank.