West Coast Investment Corporation Acquires Trophy Multifamily Asset In Downtown Rochester For $6.995M

The Academy Building, located at 13 South Fitzhugh Street in Downtown Rochester, New York, has been sold in a recent transaction. This historic multifamily asset, built in 1873, underwent a complete restoration in 2013 and was converted into a mixed-use property featuring luxurious apartments and restaurant space. The 28-unit trophy asset offers spacious layouts and unique architectural features, contributing to its high occupancy rates and rental growth. The property has been acquired by West Coast Investment Corporation, a real estate investment corporation based on the West Coast. The seller, Traikos Group, was represented by James Buckley of Endeavor Real Estate Group. The sale price for The Academy Building was $6,995,000, setting a new price per unit record for Downtown Rochester. The transaction showcases the continued demand for high-quality, amenity-rich assets, even in challenging capital markets conditions.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,995,000
• Units: 28
• Price Per Unit: $249,821
• Square Footage: 36,528
• Price Per Square Foot: $191
• Address: 13 South Fitzhugh Street, Rochester
• Market: Rochester

Endeavor Real Estate Group's James Buckley played a significant role in the deal, serving as both the seller's representative and facilitating the buyer's acquisition. Commenting on the transaction, James Buckley, Managing Principal of Endeavor, expressed enthusiasm about the sale, highlighting the market-leading price per unit achieved for The Academy Building and emphasizing the resiliency and enduring appeal of the multifamily rental asset class. For further information, interested parties can visit Endeavor Real Estate Group's website.