Cedarland Development has purchased three multi-family apartment buildings in the Allentown area. The historic properties include 35 units and were purchased for $4 million. Azzaher Real Estate LLC was the seller.
The charming properties include:
26 Irving Place – 15 units , 12,136 sq.ft.
273 Richmond Avenue – 12 units, 14,827 sq.ft.
159 College Street – 8 units, 8,499 sq.ft.
Lewis F. Allen, which Allen Street is named after, was a previous owner in 26 Irving Place (lead image). He was the uncle of President Grover Cleveland and is believed to have paved the way for his success by introducing Cleveland to law and politics.
The previous owner of 273 Richmond Avenue was Joseph Dart. Dart invented the machine-powered grain elevator which is used worldwide and spiked economic growth for the city of Buffalo.
This historic Allentown Portfolio consists of studios, one-bedroom, and two-bedroom units that offer unique layouts in each apartment. Cedarland will be upgrading both the interior and exteriors of the properties.
For the first time, Cedarland utilized its investment platform through Cedarland Capital, LLC that gives community members access to premier real estate investments. Over 10 local investors were added to the platform and given the opportunity to expand their portfolios.
“We have always seen the utmost potential in Buffalo and look forward to expanding our reach by continuing to fix properties, add new development, and invest back into our community,” said Kevin Dagher, Vice President of Cedarland Development Group.
Currently in the works are multiple projects spanning a range of uses including, residential, mixed use, industrial and more.
“We are excited to be a part of the historic Allentown community”, said Dr. Fadi Dagher President of Cedarland Development Group. The portfolio was completed by the seller’s broker Schneider Real Estate Services.