Real estate investor and developer Nick Sinatra expanded his holdings again this week, adding a 104-unit apartment complex in West Seneca for $7.6 million.
Sinatra & Company Real Estate, through West Seneca Apartment Group LLC, bought the Oakridge Estates Apartments from Nicholas B. Tzetzo's Tzetzo Companies LLC, which owned it through Oakridge MFR Holdings LLC, according to a deed filed with the Erie County Clerk's Office. The property is assessed at $1.78 million.
It's the latest purchase for Sinatra, who bought the Thirsty Buffalo building and an apartment complex on Starin Avenue earlier this month, as well as a Delaware Avenue apartment complex and a combined office building and self-storage facility on Grand Island in April.
The 6.7-acre property at 60-91 Oakridge Drive and 1571 Center Road consists of 12 two-story brick buildings of various patterns, with hardwood floors and carpeting, wood kitchen cabinets, tile kitchen floors, vaulted ceilings and either balconies or patios. There's also 48 garages, plus over 100 off-street parking spaces and storage.
The complex was built in stages in the late 1980s and early 1990s, and is fully occupied. Apartments start at $695 per month for one-bedroom units and $745 for two-bedroom units.
Sinatra said he plans to invest $1,000 to $3,000 per unit for renovations, common-area deferred maintenance, and some additional amenities, like a dog park.
Tzetzo said in a statement that his company "took an underperforming property" that was 22 percent vacant, and "achieved full occupancy" within one year. The company, which is managed by Nicholas and Dimitri Tzetzo, own multifamily apartments, senior care, self-storage and office properties in Western New York.
Proceeds from the sale will be reinvested in their other properties, "as we continue to be bullish on this area," Tzetzo said in the statement.