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Brokerage
Posted: October 4, 2016
Sinatra & Co. acquires portfolio for $24.3 million: 410 apartments
Washington Square Apartments, 5546 Scranton Road - Hamburg, NYBuffalo, NY Sinatra & Company Real Estate (SCRE), a Buffalo-based full service real estate investment firm, has closed on a $24.3 million deal to acquire 410 apartments in the suburbs of Hamburg and Tonawanda. The acquisitions expand the company’s western New York holdings to over 1,700 units, making it one of the largest apartment owners in the region. The transaction was funded through the refinance of a local SCRE portfolio that has undergone similar value-add renovations. Largo Financial Group helped secure debt financing.
The deal includes a $21 million three-property multifamily portfolio in Hamburg consisting of Lincoln Square Apartments (184 units built in 1965 on three acres) located at 4055 Knoll Dr., Washington Square Apartments (126 units built in 1972 on five acres) located at 5546 Scranton Rd., and Colonial Court Apartments (40 units built in 1965 on three acres) located at 5045 Berg Rd. The remaining 60 units, located in Tonawanda, were acquired for $3.3 million.
Sinatra’s plan for the portfolio includes implementing a management and leasing platform with a value-add program including deferred maintenance and investments in unit upgrades, including modernization of flooring, counters, cabinets, and appliances, along with the addition of LED lighting and upgraded fixtures.
“The purchase of these multifamily assets is consistent with our overall value-add acquisition strategy at SCRE,” said Nick Sinatra, president of Sinatra & Company Real Estate. “Each property presents a compelling opportunity to implement an interior and common area value-add plan that will allow us to take advantage of the location and demand in the local rental market while also rounding out our portfolio so we are better equipped to service our customers in Erie and Niagara counties with quality apartment options throughout western New York.”
The sellers were NOCO Energy Corp. and Liberatore Management Group.
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