A local real estate investment firm acting as Delaware Ave Apartments LLC, completed a nearly $13 million acquisition of a 109-unit, value-add rental property in Buffalo and was selected as a 2024 CoStar Impact Award winner by an independent panel of local industry professionals.
The buyer plans to renovate and reposition the multifamily property, which is located in the desirable Delaware Park neighborhood of Buffalo.
About the Project: Built circa 1947, the building boasts all brick and block construction, an off-street parking lot and a mix of one- and two-bedroom units.
What the Judges Said: "This is a notable investment in revitalizing a dated apartment property in a prime location," noted one of the judges. "Having this property updated in an area with lots of parks will add to the quality of life in the Buffalo area," noted another.
He Made it Happen: Chris Greco of Greco Real Estate arranged the sale on behalf of both the buyer and seller.
CoStar Market Manager Coleman Applegate contributed.