
Canandaigua, NY According to Hemisphere Holdings Corp., the firm has closed the sale of The Pines Apartments, located at 145 Buffalo St. The 32-unit property sold for $2.05 million.
CLK Real Estate Development, LLC was the seller. Pines Buffalo St, LLC was the buyer.
Richard Will, president of Hemisphere Holdings was the broker.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,