AN OFFICIAL PRESS RELEASE
February 9, 2021

PEG Companies Acquires Residence Inn Buffalo Amherst Hotel, Begins Leasing Units as Apartments

The property joins several others in the PEG Extended Stay Conversion Fund, L.P. [PEG ESCF], a portfolio dedicated specifically to the firm’s hotel-to-apartment conversion strategy.

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.”

 

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About PEG Companies:
PEG Companies [“PEG”] was founded in 2003 and is now one of the fastest-growing commercial real estate investment, development, and asset/property management firms in the West. With $1.5 billion AUM, PEG’s mission is to create opportunities through grit, ingenuity, and expertise—providing the premiere real estate investment experience. PEG owns and manages more than 5,200 hospitality keys across the U.S. and Canada with over 2,800 multifamily housing units, an additional 1,400 units under development, plus office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues. For more information about PEG, visit www.pegcompanies.com.
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