A New Jersey investment group has acquired a group of nine multifamily apartment properties in Buffalo from a suburban Washington, D.C., nonprofit housing developer, paying $5.36 million in the largest of a slew of recent deals.
Bridgeton Property Holdings of Audubon, N.J., bought the properties – mostly on Whitney and Carolina streets, from Whitney Preservation Housing Development Fund Corp. of North Bethesda, Md. The seller is affiliated with the National Foundation for Affordable Housing Solutions or Foundation Housing, which are part of the Housing Association of Nonprofit Developers.
The properties include 111 Prospect Ave., 209, 222 and 186 Carolina St.; 35, 59 and 66 Whitney Place, 76 Johnson Park and 269-273 George Ave.
Separately, Adsco Manufacturing Corp. of Blasdell sold its facility and 7.4-acre property at 4979 Lake Ave. to The Metraflex Co. of Chicago, through Adsco Property Buyer LLC, for $788,000.
Adsco, an engineered products company that makes expansion joints and pressure vessels, was founded in 1877 as the American District Steam Co., which designed and built the nation's first district heating system in Lockport, using the first expansion joint. Metraflex makes piping specialty products for the commercial HVAC market.
Also, Chartered Professors, an educational company led by seven local college professors, completed its $505,000 purchase of a former North Buffalo synagogue-turned-church at 280, 345 and 351 Tacoma Ave. The seller was the Evangelical Christian Church of the City of Buffalo.
The company wants to convert the building into a hostel-style residence hall that would house visiting medical students from Italy during stays of up to three weeks in Buffalo. As many as 40 students at a time could live there while they visit the University at Buffalo and area hospitals, meet local doctors and learn about medicine in the United States.
- A Buffalo investor group called Naing Holdings, owned by Khaing Moe Naing, bought a three-story boarding house at 333 Elmwood Ave. in Buffalo from Joe and Carol Constantine for $407,500. Built in 1910, the Elmwood Village structure was originally erected as a hotel around the time of the 1901 Pan American Exposition, but was later converted to a lodging house, with 16 rooms.
- Mar-Bon Golden Days Social Club paid $375,000 to buy the East Amherst Medical Park building at 6477 Transit Road in Clarence from Michael J. Heimerl's 6477 Transit Road LLC. Constructed in 2005 on a quarter-acre lot, the 2,994-square-foot brown-brick medical office includes parking for 18 vehicles.
- The Buffalo Academy of Science Charter School paid $350,000 to buy the 4.93-acre property at 239, 243 and 245 Kensington Ave. in Buffalo from 239-241 Kensington Avenue LLC.