Sinatra & Co. Real Estate has added to its growing portfolio by acquiring five area buildings including a pair of apartment complexes in Lockport and the City of Tonawanda.
Combined the five deals represent a $4.9 million investment by the company.
"They are pretty healthy additions," said Nick Sinatra, Sinatra & Co. founder and namesake. "They are all nice cash-flow plays for us."
The purchases include:
• A 24-unit apartment complex at 296 Main St. in the City of Tonawanda from local investment group 296 Main Group LLC. Sinatra paid $874,000 for the property.
• A 30-unit apartment complex at 560 S. Transit Road in Lockport, also from the same group. The apartments, under 6367 Robinson Road LLC, sold for $1.311 million.
"In both cases, the apartments are more than 90 percent leased," Sinatra said. "They are good, cash-flowing properties."
The apartments are in good shape, but Sinatra said as vacancies occur, units will be renovated.
• In the first of three separate transactions with Column Development, Sinatra bought properties at 6699 Transit Rd., 3461 Transit Rd. and 2045 Niagara Falls Blvd. Enterprise Rent-a-Car leases the two Transit Road sites while the Niagara Falls Boulevard location is leased to a Sherwin Williams paint store and Oh-My-Dog grooming salon.
Other deals with Column Development include buying a store front at 594 Sheridan Dr. in the Town of Tonawanda that is leased to Alpha Flooring and a building at 1487 Main St. in Buffalo that's leased to Child & Adolescent Treatment Services. The Main Street property is almost across from Sinatra's Fenton Village building that he is renovating.
Collectively, Sinatra paid $2.75 million for the properties.