As part of a strategic focus on well-located residences serving university communities throughout the US, EastAlliance was approached by DMG Investments to co-invest in the acquisition and repositioning of this highly visible asset as part of a unique opportunity to convert a dormant hotel development into a Class A lifestyle residence. The acquisition represented an opportunity to invest in a partially built asset to curtail the development period and provide the capital required to execute on our partner's aggressive value-add repositioning strategy.
Given its location adjacent to the University of Buffalo and access to retail options; its excellent access and visibility relative to its competitive set; its price relative to replacement cost, and the Sponsor’s strong experience in the market and sector, EastAlliance opted to expand on its investment in the Sponsor’s expertise and the Buffalo market.
When complete, this 105,380 SF, six (6) story Class A residence will provide 154 units through a mix of studio, one-, and two-bedroom suites and 171 dedicated parking spaces. Part of the development strategy will include the addition of an enhanced amenity program that will include a fitness center, swimming pool, meeting rooms/computer lab, and business/study center.