Heatherwood, a multifamily developer, owner, and operator based in Long Island, has been an integral part of the real estate scene in the New York metro for 75 years. The family-owned business was founded in 1950 by Donald Partrick and Stanley Neisloss, getting their start by building single-family homes on Long Island for returning World War II veterans.
The developer turned to creating multifamily housing to cater to the new suburban lifestyle on Long Island in the early 1960s and expanded into New York City. Heatherwood has constructed over 14,000 homes in the metro—from single-family and two-story developments to a 58-story high-rise. Today, the firm employs 260 people and owns approximately 7,000 multifamily units, half a million square feet of commercial space, and two golf course communities.
“Our greatest accomplishments have been the integrity and transparency that the company has exhibited over its 75-year history, along with understanding the importance of good customer service and quality housing,” says CEO Douglas Partrick, who took over the role from his father.
Heatherwood prides itself on being a long-term owner and reinvesting in its earlier developments.
“We’re recognized for the high quality of our construction. We are not sellers of our real estate. We have never sold a multifamily building that we built starting back in the early 1960s,” he says. “We are not merchant builders, we build for the future. It is important to consider quality and service, and we want to be No. 1.”
Another key to success, according to Partrick, is the team, many of whom have been at the company between 20 and 40 years. Six years ago, he brought on Chris Capece, who had been vice president of development at AvalonBay, as president. He credits Capece with being instrumental in helping Heatherwood evolve and become an even stronger company.
At its 75th anniversary, Heatherwood is taking a bold step to expand beyond Long Island and the New York metro.
“One of the keys to the company’s success over the generations is its pivot in the housing space—from single-family to multifamily, suburban to urban infill and high-rise—staying disciplined, and not deviating from our core home building competencies,” Capece says. “The next version of ourselves is evolving—from a strong regional player to a capable national one. We’re betting on our ability to build on those competencies nationally based on our ability to pivot throughout time.”
With the regulatory environment continuing to change downstate New York—from regulations that are stifling development and limiting natural market rent appreciation—as well as other laws often protecting bad actors in the communities, Capece says it was time to mitigate risk and look to geographic expansion to be around for the next 75 years.
Heatherwood is starting with North Carolina, closing this fall on its first parcel of land in Charlotte’s NoDa neighborhood. The development will comprise approximately 260 units in a hybrid podium-wrap building, with groundbreaking slated for the third quarter of 2026. In the state, it has four deals under control in the Raleigh/Durham and Charlotte markets encompassing approximately 1,600 units.
“When we think about why North Carolina, in particular right now, there’s the population growth and an increase in job density. The in-migration in Charlotte has increased 50% year over year where it has decreased or abated in other Southeast markets. It has had staying power in North Carolina where we’ve been looking,” Capece notes.
Heatherwood also is monitoring opportunities in Florida, South Carolina, and Tennessee.
“We believe we have the team, the depth, and the combined development and construction expertise to enter a new market via ground-up development. We have been strengthened by one of the highest barriers-to-entry market—Long Island. That skill set is applicable in other places. We believe we have the ability to secure and protect the development premium on a deal and guard against yield erosion during the development process.”
While Capece says the natural evolution for the firm was to go from regional to national, “the step wasn’t taken lightly.”
“We’re trying to figure out what the right mix of activity is in the emerging new markets versus what’s here on our plates now. We’re very aware that every dollar that we allocate to a new market is a dollar not being spent in our home market. We don’t take that lightly—we believe diversification is the right thing,” he says.
Regardless of the challenges, Heatherwood recognizes its hometown needs and continues to do work in the New York metro where it can.
“Our mission is to create great quality housing, which we are short on. Multifamily housing on Long Island only adds up to 17% of the stock, which is typically 30% of the housing stock in metro areas nationally. We’re lagging behind. As of right now, multifamily zoning doesn’t exist in Long Island. The entitlement process can take three to 10 years. That takes a lot of perseverance,” says Partrick.
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Recently, it has reinvested in Heritage Oyster Bay, a 348-unit luxury community in Oyster Bay. According to Capece, building a property in the hamlet can’t be done today, and it was monumental to have the ability to reimagine and reposition amenities as well as do a full refresh of the property to better serve the residents.
Heatherwood also is building the 428-unit Heritage Westminster in West Hempstead, adjacent to a Long Island Rail Road station. The first delivery of units is expected to begin in April. The luxury development boasts one of the largest amenity packages in New York, including a two-story fitness center, indoor and outdoor lounges built for relaxation, coworking spaces, as well as a game room and a media lounge.
At the end of the day, regardless of where it builds, it’s a priority for Heatherwood to focus on the quality of housing and who the firm is serving.
“The core of what we do is provide housing. We house people and provide them with a place where they can enjoy time with their family and the amenities we offer. Just because someone chooses to rent, they shouldn’t be unafforded a quality of life and a safe place to lay their heads,” says Capece. “The company ethos is we’re providing the best quality of lifestyle that we can within the asset class. It’s so engrained in the organization.”
Partrick adds he has a responsibility to the people who have made the firm successful over the past 75 years.
“My father was a visionary, he was a driver. I know he would be proud that we are carrying on the legacy—building better, building more, and continuing the Heatherwood way,” he says.