Ken-Ton Presbyterian Village

3735 Delaware Ave, Kenmore, NY 14217
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Investment summary

Units150

Year Built1981

Avg Unit Size564 SF

Avg Rent/Unit$958

Avg Rent/SF$1.77

Occupancy95%

Offering Memorandum & Deal Room

Executive summary

BWE Investment Sales LLC (BWE) is pleased to offer the exclusive opportunity to acquire Ken-Ton Presbyterian Village, a 150-unit supportive housing for the elderly community with a 100% Project-Based Section 8 contract. Ken-Ton Presbyterian Village, nestled in a neighborhood of suburban convenience, is an affordable apartment community designed for the lifestyle of independent adults at least 62 years old and non-elderly adults with a disability. Ken-Ton offers residents a safe and friendly community surrounded by a trusting team of dedicated professionals. The pet friendly floor plans include a living room, bedroom, handicapped accessible kitchen, and a bathroom with a walk-in shower and more. Community amenities range from off-street parking, wifi in common areas, picturesque landscaping with mature trees and seating areas, and regular community sponsored activities. With a walk score of 71, the property is a 5-minute walk from two grocery stores and a multitude of retail options. The central location allows residents to be downtown in less than 20 minutes or in 10 minutes access all the entertainment and retail surrounding the Boulevard Mall.

 

Bang Realty-New York Inc | License No. 10311208985

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Investment highlights

100% Real estate tax exemption

Ken-Ton benefits from a 100% real estate tax exemption due to the ownership structure including a qualified nonprofit. This exemption would stay in-place if a new buyer is or partners with a qualified non-profit. This mitigates reassessment risk and eliminates one of the largest year-over-year expense variables.

Location

Ken-Ton Presbyterian Village is located in western New York, just north of Buffalo. Buffalo is the second-largest city in New York with more than 1.1 million people and is an attractive place to live, work, and visit. The city boasts world-class medical facilities such as Kaleida Health Buffalo General Medical Center and Roswell Park Comprehensive Cancer Center, ensuring top-tier healthcare access for residents. Notable attractions in the area include Buffalo AKG Art Museum, Buffalo Zoo, and Buffalo’s revitalized waterfront that consists of parks, trails and recreational activities.

100% HAP contract

Ken-Ton Presbyterian Village benefits from a project-based Section 8 HAP contract that covers 100% of the units. The property is under a 19-year Renewal HAP Contract, expiring on 7/1/2041. The HAP ensures consistently strong occupancy and limited turnover. HAP rents are grown annually at the New York OCAF adjustment rate. The 3-year average OCAF is 5.3% and the 5-year average is 4.12%.

Attractive assumable financing

A buyer has the opportunity to assume favorable in-place debt with a 4.6% all-in interest rate and 8+ years remaining on the term. This allows for a new owner to enjoy an interest rate that is 200+ bps below market and removes interest rate risk before closing.

Amenities

Community amenities

  • On-site resident parking
  • 24-hour call system
  • Community library
  • Outdoor seating
  • Garden space
  • Community event
  • And many more

Apartment amenities

  • Cable TV
  • Phone hook-ups
  • Emergency pull-cord system
  • Accessible closets
  • Individually controlled heating & A/C
  • Stove and refrigerator
  • And many more

Exclusively listed by

Michael Furrow

SVP, Investment Sales