BUFFALO, N.Y. (WBEN)....The former St. Teresa Church, a South Buffalo landmark that was renovated into market rate apartments, has caught the investment eye of a Texas-based real estate investment trust.
Ascend Mineral Springs LLC of North Richland, Texas paid $3.733 million for the 37-unit apartment complex at 17-25 Mineral Springs Road.
Ascend bought the property from architect/developer Karl Frizlen's PAMS Properties LLC.
Frizlen bought the former church - a building that dates back 1906 - slightly more than a decade ago.
The School Lofts at Seneca opened in 2018 and all 37 apartments were quickly leased.
The deal works out to $100,891 per unit, or slightly above the regional per-apartment average of $91,733.
Investors pay $3.733 million for South Buffalo complex
Investors pay $3.733 million for South Buffalo complex
