Harrison Street has sold a senior housing community on Long Island. The firm sold Sutton Landing at Deer Park, which is nearly fully occupied, to Fairfield Properties for an undisclosed price. The new ownership will rebrand the community “Fairfield Knolls at Deer Park.”
Harrison Street developed the senior housing community alongside Engel Burman, which is now known as B2K Development. The project managed to land a $45 million construction loan from TD Bank in August 2019, according to Yardi Matrix data. The joint venture completed Sutton Landing at Deer Park in 2020, later reaching a stabilized occupancy rate of more than 98 percent.
The community is restricted to residents that are at least 55 years old and offers 200 units that range from 1,060 to 1,109 square feet, according to Yardi Matrix data. While Sutton Landing at Deer Park only offers two-bedroom units, 40 of the units are designated as affordable, according to the same data. The community’s amenities include a pool, fitness center and clubhouse. The property is 99 percent occupied.
Located at 500 Sutton Court in Deer Park, N.Y., the community is located near several outdoor recreational areas, like Belmont Lake State Park and the Edgewood Oak Brush Plains Preserve. Sutton Landing at Deer Park is also a short drive away from several nearby shopping centers and the Heartland Golf Park.
Meeting a growing population’s needs
While Harrison Street has sold off Sutton Landing at Deer Park, the firm remains one of the top five owners of senior housing in the U.S., having invested more than $13.8 billion into senior communities, including independent living, assisted living and memory care units. Last year, Harrison Street broke ground on a 158-unit luxury senior housing project in Torrance, Calif., alongside joint venture partners Ryan Cos. and Cadence Living.
The firm also invests in several alternative real estate sectors, including student and employee housing. In May, Harrison Street sold the 826-bed Canvas Tempe near Arizona State University. The firm completed the student housing community alongside Toll Brothers Campus Living in 2021. More recently, Harrison Street announced plans with Radnor Property Group to build a 156-unit employee housing community in partnership with Appalachian State University in Boone, N.C.
