WEST SENECA, N.Y. (WBEN)......In a deal that increases its West Seneca portfolio by slightly more than 24%, Pillar Real Estate has acquired in the Arbor Meadows-Summershade Apartments.
The Bowmansville-based Pillar - through its Pillar Arbor Meadows LLC and Arbor Apartments LLC affiliates - paid a combined $7.1 million for the neighboring Fisher Road apartment complexes.
The deal works out to $91,025 per apartment - slightly below the regional per-apartment rate of $92,000 per unit.
"They fit in nicely with our West Seneca portfolio," said Michael Lorigo, Pillar Real Estate president and founder. "And, we were able to get it at a good price."
Combined the Arbor Meadows and Summershade apartments have 78 units and are 98% leased, Lorigo said.
All of the units have two bedrooms.
The complex was constructed in 1970.
Lorigo said there will be some renovations and upgrades to both complexes.
"West Seneca is a good, central community," Lorigo said.
With the deal, Pillar now has nearly 400 apartments in its West Seneca portfolio and more than 2,000 total apartments that it owns.
Pillar Real Estate acquires West Seneca apartment complex
Pillar Real Estate acquires West Seneca apartment complex
