N.J. real estate investment firm continues buying spree in Rochester

Kevin Oklobzija//July 25, 2022//

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Little Creek Apartments in Gates sold for $21 million last week (photo by Kevin Oklobzija).

The New Jersey real estate investment firm that already has spent more than $87 million on multifamily residential properties in Rochester is back for more.

Little Creek Apartments in the town of Gates was sold for $21 million to a limited liability company and limited partnership managed by Yitzchak Scheinerman.The deed was filed on Wednesday with the Monroe County Clerk’s office.

Downing CW TIC I LLC and Downing CW TIC II LP, both with an address in Lakewood, N.J., bought the 199-unit residential community from LC Apartments LLC, managed by Christopher DiMarzo. The per-unit selling price was $105,527.

The acquisition pushes the total investment by the New Jersey firm in Rochester multifamily properties to $108.6 million in the past seven months.

Little Creek Apartments, located at 173 Bending Creek Road, was built in 1973 and is now managed by Rushmore Management of Lakewood, N.J. It’s the third property Downing CW TIC has acquired from DiMarzo and/or Mark IV Enterprises in the past three months. In April, the firm bought Clearview Farms Apartments & Townhomes in Wheatland for $49 million and HH Warner Lofts on St. Paul Street in Rochester for $5 million.

Back in December and January, the same New Jersey-based entities spent $33.6 million to acquire 13 multifamily properties, a combination of garden-style and low-rise buildings, from Pennsylvania-based Morgan Properties.

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