Stream Data Centers has acquired Kenmore Development for $80.0 million. This corporate acquisition sees Stream Data Centers, a company focused on data infrastructure, expand its holdings into the multifamily property management sector. Kenmore Development manages a substantial portfolio of 1100 apartments across 13 properties primarily located in Western New York, extending from Buffalo to Niagara Falls, alongside a single property comprising 80 apartments in Fort Myers, Florida.
Kenmore Development's properties include notable residences such as the Delaware Park Apartments and Tudor Gardens Townhouses in North Buffalo, Main Jewett Apartments in Buffalo's Parkside neighborhood, and Kendev Studios, Ralston Elmwood Apartments, and Sheridan Manor Apartments in Kenmore. Its portfolio also spans Sheridan Residence in Town of Tonawanda, Riverview Manor Apartments in City of Tonawanda, Gateway Park and Witmer Road Apartments in North Tonawanda, Niagara 1 and Niagara 2 apartments in Niagara Falls, Sanborn Meadow Apartments in Sanborn, and the Windsor East Apartments in Fort Myers.
This acquisition represents a strategic diversification for Stream Data Centers, significantly expanding its asset base beyond its traditional data center operations. By integrating Kenmore Development, Stream Data Centers gains a well-established presence in the residential real estate market, acquiring a stable income-generating portfolio and a proven property management infrastructure. The move is expected to broaden Stream Data Centers' overall investment profile and asset management capabilities.
The combined entity will now oversee a diverse range of assets, encompassing both specialized data infrastructure and a substantial residential property portfolio. This strategic shift positions Stream Data Centers to explore new growth opportunities within the broader real estate and asset management landscape, leveraging Kenmore Development's operational expertise in multifamily housing.