AMHERST, NY – PEG Companies [PEG], a leading commercial real estate investment firm known for its unique approach to creating value, has acquired the Residence Inn Buffalo Amherst extended stay hotel and begun the process of converting the property into quality Class B apartments.
Located at 100 Maple Road, the first-generation Residence Inn by Marriott property was originally built in 1972. While the aging extended stay—which was as risk of foreclosure in 2019—will require some cosmetic updates, the new owners say its location is ideal. Adjacent to the University of Buffalo and just a 20-minute drive from the popular Niagara Falls, PEG investment executives say that, once converted into a multifamily community, the new use will help satisfy the growing demand for workforce housing in the Buffalo area.
“Buffalo, along with so many other suburban-urban markets and sub-markets across the country, is in great need of attainable housing for the working class,” explained Soren Halladay, Chief Investment Officer at PEG. “By investing about $3 million to $4 million more into the project, we can update the units, add some beautiful landscaping, and even expand the amenity package at this property without having to do any real demolition.”
Currently PEG’s multifamily property management arm PEG Property Group [PPG] is leasing one building of the units in their current condition while they renovate the remaining buildings and amenities. Project leaders anticipate having all 112 units fully converted by Fall.
“We are excited to rebrand and market this new and improved community as a PEG property,” said Debra Spohn, President of PPG. “Backed by our long track record of providing best-in-class rental experiences, we look forward to welcoming our residents to their new stylish homes.”