Sinatra & Co. acquires portfolio for $24.3 million: 410 apartments

Washington Square Apartments, 5546 Scranton Road - Hamburg, NY

Buffalo, 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.

Tags: Brokerage

Reprint

Previous Story Next Story

Reynolds, Davila and Loch of Investment Property Realty Group close $3.735 million sale of 216, 218, 220 East 179th St.

Bronx, NY Investment Property Realty Group (IPRG) closed the sale of 216, 218, 220 East 179th St., a development site located in the Mount Hope section of the city, for $3.735 million.

Investment Property Realty Group closes $2.9 million sale of 42 Richardson St.

IPRG closes $2.9m sale of 42 Richardson St.

Investment Property Realty Group closes $9.4 million sale of 73 Warren St.

IPRG closes $9.4m sale of 73 Warren St.

Investment Property Realty Group closes $1.7 million sale of 491 East 166th St.

IPRG closes $1.7m sale of 491 East 166th St.

Investment Property Realty Group closes $3 million sale of 4,350 s/f mixed-use building at 709 Fulton St.

IPRG closes $3m sale of mixed-use building at 709 Fulton St.

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

Simone Development Companies’ retail center fully leased with 1,100 s/f lease by Beauty Supply

Columns and Thought Leadership

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking