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The 96 apartments, known as Highfield Commons and located on and around Pierce Drive, were bought in addition to a large tract of land for single-family homes. (Courtesy photo)
ROCHESTER - The Real Estate Investment firm Elm Grove Companies announced on Friday that its related entities have acquired 96 townhome style apartments, six fully permitted along with 40 future single family building lots and a large to-be-developed tract of land in Rochester, for a combined purchase price in excess of $30,000,000.
The 96 apartments, known as Highfield Commons and located on and around Pierce Drive, were built in 2016. They are attached three bedroom, two and a half bath townhome style units with 1 car garages.
The apartment acquisition was accomplished through a joint venture with an equity capital partner and the assumption of in-place debt. The land acquisitions were acquired solely by Elm Grove Companies related entities using balance sheet capital.
"Elm Grove is excited to grow its footprint in a city which welcomes developers and with whom we have a long-standing working relationship," said Elm Grove Companies Co-Founder and Head of Investments Newton Kershaw III. "Rochester has experienced immense growth and improvement over the 15 years we've been invested here. This acquisition brings our Rochester unit count to in excess of 300 apartments, and we are excited to be working on two additional local multifamily communities, currently in the pre-development phase."
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