Buffalo’s Touraine Apartments Sells for $9 Million

Buffalo’s Touraine Apartments sells for $9 million

Buffalo — By James Fink, Reporter, Buffalo Business First

One of the nation’s largest owners of low- to moderate-income apartments has landed its first Buffalo deal.

Vesta Touraine LLC, an affiliate of Weatogue, Conn.-headquartered Vesta Corp., paid $9 million for downtown’s Touraine Apartments, according to documents filed Dec. 28 in the Erie County Clerk’s office.

The 104-unit apartment complex at 274 Delaware Ave. previously was owned by Dallas-based Touraine Apartments Associates L.P.

All of the apartments are leased to those in the low-to-moderate U.S. Census Bureau income bracket.

The deal works out to $86,538 per apartment – about 33% more than the regional average of $64,928, as tracked by CBRE/Buffalo data.

The privately held Vesta, founded in 1998, has low- to moderate-income and senior apartment complexes in such states as Texas, Connecticut and Ohio.

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