Another Buffalo Apartment Complex Sold

A North Buffalo school building that was once connected to the soon-to-be closed St. Rose of Lima Church and was renovated into market-rate apartments has been acquired by a local investment group.

1030 Parkside LLC has closed on a deal to buy the School Lofts at Parkside apartments from PAMS Properties LLC. The investment group, 1030 Parkside LLC, paid $2.625 million for the building, according to documents filed Oct. 17 in the Erie County Clerk's office.

Not connected or affiliated with St. Rose of Lima, the building, which dates back to 1926, was bought and renovated by an investment group led by Buffalo architect Karl Frizlen in 2016. The St. Rose of Lima School closed more than 10 years ago.

St. Rose of Lima is one of 78 regional parishes slated to close by the Diocese of Buffalo.

The building features 21 apartments—12 of which are one-bedroom units and nine that are two-bedroom models.

PAMS Properties put the building on the market earlier this year, and it attracted a lot of interest from potential buyers.

The deal works out to $126,190 per apartment, or 37% above the Buffalo Niagara regional per apartment average of $91,701, as tracked by CBRE Upstate New York.

In a separate, unrelated deal, a multi-tenant building anchored by El Amigo Tacos at 3580 Walden Avenue, Lancaster, was acquired by investors 3580 Walden Ave Properties LLC for $500,000.

The 7,560-square-foot building, constructed in 1949, had been owned by Walden Ave Holdings LLC, according to documents filed Oct. 17 in the county clerk's office.
El Amigo Tacos remains open.