LONG BEACH, NY – Inland Real Estate Acquisitions, LLC announced that the purchase of an 11-story, 109-unit apartment building in Long Beach, New York has been negotiated and completed. Joe Cosenza, Vice Chairman of Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC, closed the deal with the assistance of Michael A. Wilson and Gina R. LaMantia of Equis Law Group, LLC on behalf of an Inland partner .
Recently renamed 10 West Apartments, the property is one of the few oceanfront rental properties in New York and consists of one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units with 177 rental parking spaces.
Each unit was renovated in 2015 and 2016 and features gourmet kitchens with quartz countertops, stainless steel appliances, hardwood floors, large washers and dryers, and private balconies with views of the beach and ocean. The 10 West Apartments also offer a variety of amenities for the community, including a two-story state-of-the-art fitness center, heated outdoor pool with ocean views, library, lounge area, and metal lockers for residents.
The building underwent renovations from 2013 to 2018 following Hurricane Sandy and benefited from a $ 44 million coastal restoration by the U.S. Army Corps of Engineers that increased the beach size to prevent storms and waves from hitting the local boardwalk and damage the houses.
"The prime location of the 10 West Apartments with quality amenities and panoramic ocean views is an attractive option for New Yorkers looking to move from the city to the suburbs without sacrificing luxury," said Cosenza. “Whether residents are jogging on the boardwalk, visiting local grocery stores or other retail stores, or catching a train to Manhattan, this community has it all just steps away. The highly desirable location of the 10 West Apartments in Long Beach combined with the recently improved amenities makes this type of apartment building one of the types of apartment building that we would like to continue purchasing. "
At the time of closure, the property was 99 percent occupied.
Since its inception, Inland Acquisitions has made more than $ 48 billion in purchases, including single-tenant properties, medical office buildings, apartments, and retail properties.