BRP Companies, BlackRock and Basis Investment Group announced the $190 million sale of The Arboretum at Farmingville to The Inland Real Estate Group of Companies. The Arboretum is a 491,000-square-foot, 292-unit, garden-style residential community located at 20 Maple Lane in Farmingville, N.Y. within the Town of Brookhaven on Long Island.
“Over the past six years, we have transformed The Arboretum into a thriving community with nearly 100% occupancy, cementing our successful entry into the Long Island market,” said Geoff Flournoy, co-founder and managing partner of BRP Companies. “We are proud of what has been built and confident the property is well-positioned for continued success under its new ownership. We appreciate our financial partners at BlackRock and Basis Investment Group and Santander as our lender in seeing this transaction through its successful completion.”
The property features 292 units, with 30 units within the complex reserved for workforce housing. Interior residence amenities include in-unit washers and dryers, energy-efficient stainless-steel appliances. Select units feature fireplaces, vaulted ceilings, balconies, or loft spaces. Shared amenities include a fitness center with on-demand classes and yoga rooms; a resort-style pool with cabanas; a clubhouse with an entertainment kitchen, courts for tennis, pickleball and bocce; a putting green; playground; dog run with wash stations and a business center with conference rooms.
“Basis Investment Group celebrates its longstanding partnership with BRP Companies with this successful, full-circle execution of the Arboretum business plan,” said Tammy K. Jones, founder and CEO of Basis Investment Group. “We are pleased to have provided the type of transformational fund capital that enables the delivery of high-quality affordable housing, empowering communities for generations to come.”
The Arboretum is currently 98% occupied and benefits from a Payment in Lieu of Taxes agreement, providing predictable expenses for the next 12 years. BRP Companies acquired the property in 2020 and commenced construction in July 2022, executing the development in carefully planned phases. The team celebrated the grand opening of Phase I in June 2024, followed by the successful completion and grand opening of Phase II in May 2025.
JLL represented BRP Companies, funds and accounts managed by BlackRock, and Basis Investment Group in the transaction.
