A Niagara Falls apartment management company has acquired a 106-unit townhouse complex in the Cataract City, paying $5.65 million for the Riverpointe Townhouses.
Jeffrey and Jerry Williams’ Apartments Niagara, acting through Island Village Townhouses, bought the 81,868-square-foot project, located at 4812 University Court, from John Hutchins’ Riverpointe Properties LLC. The complex, located near Niagara University and historic Lewiston, includes both furnished and unfurnished two-bedroom units, said Chris Greco of Greco Real Estate, who brokered the deal.
Greco said Hutchins wanted to “restructure some assets,” while Apartments Niagara wanted a tax-free exchange, using the proceeds from the sale of its Island Village property on Grand Island in late 2014. Apartments Niagara now owns and operates 850 units in all.