A Maryland-based real estate investment firm that specializes in multifamily apartment communities has taken over management of four Buffalo senior affordable-housing complexes.
Capreit, which owns and manages more than $5 billion in assets nationwide, will take control of the communities, which are located within 4 miles of each other in the city, with a total of 373 apartments between them. All four are owned by developer Stuart Alexander & Associates of Coral Gables, Fla.
The complexes include:
- Hertel Park, located at 1625-1643 Hertel Ave., with 138 apartments, mostly one-bedroom units except for 12 two-bedroom apartments. The community also includes three laundry rooms, a community room, a library and a pool table.
- Walden Park, at 101 Bakos Blvd., with 126 one- and two-bedroom units ranging in size from 550 to 650 square feet. It also features a fitness center, a business room, a community room, a lobby with a fireplace and four laundry rooms.
- Trinity Tower, at 83 Linwood Ave., with 83 studio, one- and two-bedroom units ranging in size from 475 to 800 square feet. Other amenities include a community room, a social room with a flat-screen television, a library and meeting room, laundry and elevators.
- Parkview Apartments, a smaller community with 26 one-, two- and three-bedroom apartments at 769 Best St.
"We've always been a proponent of quality, affordable housing and we're thrilled to be a part of the Buffalo market," said Leticia Palillero, acquisitions associate for CAPREIT. "Each of these four communities possesses a charm of its own, and we're eager to implement our management strategies and help the fight for affordable housing in one of the largest cities in New York."
Founded in 1993 and based in Rockville, Md., outside Washington, D.C., Capreit owns or manages 15,000 apartments in 20 states, but has been involved with more than 200 multifamily communities since its inception, with more than 40,000 units and 100,000 residents.