Upstate New York Community Changes Hands

The Town Hall project. Image courtesy of JLL Capital Markets

Town Hall Terrace, a multifamily property located in Grand Island, N.Y, between Buffalo and Niagara Falls, has changed hands.

The sale of the 470-unit property was arranged by JLL Capital Markets, which procured the buyer and also represented a private owner and developer identified by Yardi Matrix as Sandra Gross-Wolchok.

“The biggest challenge was the rising interest rate market we were in throughout the process,” Steve Simonelli, JLL Capital Markets’ managing director, told Multi-Housing News. “We surmounted these hurdles with constant communication with the buyer and [by] going through the details of their underwriting prior to award.”

The apartment community features one- and two-bedroom garden-style apartment homes, three-bedroom townhouse units and senior patio home units. The property was built in stages in the 36 years between 1973 and 2009, according to Yardi Matrix. It was 95.7 percent occupied at the time of the transaction. Of the 470 units, 40 are reserved for seniors, and 430 for families.

Features of the apartments include Pergo floors, stainless steel appliances, in-unit washers and dryers, walk-in closets and personal yard space. Tennis and pickleball courts are among the most prominent of the community’s common-area amenities.

Access to Upstate New York, Canada

With its address at 2255 Center Terrace, Town Hall Terrace is located within the island community of Grand Island, equidistant from Buffalo and Niagara Falls. The location affords residents close proximity to Canada. Strategically located off the major north-south freeway of Interstate 190, proximate to I-290, the community provides access to the remainder of Erie County, as well as the greater Upstate New York area.

The Buffalo Niagara International Airport is 17.5 miles away from the property, while the Amtrak Niagara train station is 10.4 miles away. The region’s mass transit system gives residents of Town Hall Terrace convenient access to shopping, dining, parks, schools and supermarkets.

JLL Capital markets’ Investment Sales Advisory team was headed by Simonelli, along with Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios. Last month, Miami-based Agave Holdings tapped JLL to manage the residential portion of The Plaza Coral Gables in nearby Coral Gables, Fla.