$100 Million Apartment Redevelopment Coming To Buffalo

The housing scene in Buffalo and Western New York has been tough over the last few years if you are looking for an affordable place to rent.

For at least the last three years, Buffalo has had the hottest housing market in the nation, beating out other large cities like Philadelphia, St. Louis, Charlotte, and others. This is a good thing for homeowners and property investors; rising prices and values help increase profits and portfolios. However, this isn't necessarily a good thing if you are a renter in Western New York. As prices and values have increased, rents have also risen significantly in some neighborhoods.

Buffalo has a significant lack of quality affordable housing in the region. The news that one housing complex in Buffalo is due for a major rehab and improvement is a good thing.

$100 Million Apartment Redevelopment Coming To Buffalo

The Towne Gardens Apartments, a long-troubled 360-unit rental housing complex, is set to get a major rehab and upgrade after being sold to a partnership group headed by a local church.

According to Buffalo Business First, St. John Baptist Church, in partnership with the NHP Foundation and BFC Partners, has purchased the Towne Gardens for $21.8 million and is planning to spend more than $120 million to rehab and update the complex.

St. John's Baptist Church isn't a stranger to the housing scene in Buffalo. It owns the McCarley Gardens Apartments in downtown Buffalo and is working with BFC Partners to make substantial upgrades to that community.

The nearly 400-unit, 18-acre apartment complex has been in trouble for years. The government-sponsored entity Federal National Mortgage Association purchased it out of foreclosure before being sold to another company. Tenants have complained for years that this community needs help.

This new plan should go along way to help improve the rental housing stock in Buffalo.