460-unit sale of multi-housing community between Buffalo and Niagara Falls, NY trades

23 May 2023

MORRISTOWN – JLL Capital Markets announced today that it has closed the sale of Town Hall Terrace, a 460-unit multi-housing community located in Grand Island, New York.

JLL marketed the property on behalf of a private owner who was the original owner and developer of the property and procured the buyer.

Town Hall Terrace was built in stages from 1963 through 2008. The property consists of 384 one- and two-bedroom apartment flats, 46 three-bedroom townhomes and 30 two-bedroom senior patio homes. The units have a wide range of amenities with certain models presenting opportunities for upgrades. The high-quality townhomes and senior patio homes currently feature numerous modern offerings, such as Pergo floors, stainless steel appliances, in-unit washers and dryers, spacious kitchens, walk-in closets and personal yard space. Community amenities include a clubhouse lounge, a fitness center, a heated pool, tennis courts, a picnic pavilion and a dog exercise park.

Located at 2255 Center Terrace, Town Hall Terrace is situated in Grand Island, an island community positioned between Buffalo and Niagara Falls, with proximity to Canada. Strategically located off Interstate 190, a major north-to-south thoroughfare, and within close distance of Interstate 290, the asset provides access to the major highways in the area and offers unmatched connectivity throughout Erie County and the greater Upstate New York area. The property is also located 17.5 miles away from the Buffalo Niagara International Airport and 10.4 miles from the Amtrak Niagara train station, supplying tenants with the convenience of major transportation services. With the availability of mass transit, Town Hall Terrace’s community benefits from numerous nearby points of interest that include over 4.5 million square feet of retail, restaurants, parks, schools and grocery stores.

The JLL Capital Markets Investment Sales Advisory team was led by Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios.

“We were delighted to represent the original owner and developer of Town Hall Terrace in the sale of the property. There was significant interest in the greater Buffalo market, and the property from a wide variety of national and regional investors even in these more challenging times,” said Simonelli

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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