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Gold Wynn buys Gates Circle-area apartment building

The Canadian real estate investment and development group that bought the Kissling Interests portfolio of properties earlier this year has now added another apartment building near Gates Circle to its holdings.

Gold Wynn Residential USA, a subsidiary of the Wynn Group of Companies from Toronto, bought a three-story brick building with 48 apartments at 870 Lafayette Ave. on Thursday from Circle Ranch of Brooklyn. The purchase price was $2.225 million.

The 30,568-square-foot building sits on 0.2 acres, about a block away from the circle. Built in 1910, it has 42 studio apartments and six one-bedroom units, plus an unfinished basement.

The site is across the street from the former Millard Fillmore Hospital site, where TM Montante Development is engaged in a multiyear project to redevelop the entire property into the new Lancaster Square community. Canterbury Woods, the high-end senior community in Amherst, has already completed a six-story urban facility on part of the site, with 53 independent living apartments and five assisted-living units, while People Inc. constructed a 37-unit senior building around the corner.

Gold Wynn already owns a pair of buildings across the street as well, so the new purchase adds to the cluster, said Ben Friedland, vice president of operations for the firm.

Gold Wynn, owned by a trio of brothers, burst onto the Western New York development scene in a major fashion over the past two years, buying and renovating the prominent former Buffalo Athletic Club building at 69 Delaware Ave. in downtown Buffalo and then absorbing 18 properties from New York City investor Anthony Kissling earlier this year.

That deal, which totals 841 apartments and 85,000 square feet of commercial space, includes Cathedral Place downtown and the Remington in North Tonawanda. And it follows the Wynns' sale in September 2018 of more than 4,500 residential units and 3 million square feet of commercial space in Toronto – the bulk of their real estate portfolio in that city – to Timbercreek Asset Management, for $1 billion.

The Wynn Group was formed more than 40 years ago, and has investments in fitness clubs, renewable energy, storage, plastic injection molding and assembly, furniture and appliances, in addition to its real estate business. Besides Toronto and Buffalo, the company has holdings in Los Angeles, the Bahamas, the Dominican Republic and Israel, through its Wynn Group International division. Gold Wynn also owns multifamily properties in Tulsa, Okla., that state's second-largest city, where it has 15,00 apartments in seven buildings.

 

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