The Rose Affordable Housing Preservation Fund IV purchased Village Square in June 2017. The 100-unit senior Section 8 property is located in a stable, middle-class neighborhood in Williamsville, NY, just outside of downtown Buffalo. The property previously benefited from major renovations in 2014, including elevator modernization, window and sliding door replacement, façade repairs, roof replacement and the renovation of 37 apartment units.
The Fund was able to secure this purchase off-market as part of the Forest City Portfolio acquisition. The Fund assumed the property’s mortgage which was refinanced in 2014 with 35-year FHA loan at a 3.46% interest rate.
The Fund has requested a rent comparability study to try and increase rental revenue. The Fund intends to hold the property long-term to benefit from a steady cash flow.
Village Square has a strong resident association which, along with active property management, provides residents with myriad activities on and off-campus. In lieu of a fitness room, residents participate in chair exercises, a walking club and a garden club.
Improving operations of this senior Section 8 property near Buffalo.