A Connecticut-based affordable housing developer has purchased an historic Delaware Avenue property. Vesta Corporation bought the Touraine Apartment building at 274 Delaware for $9 million. Touraine Apartments Associates Limited Partnership was the seller.
The former Touraine Hotel opened in 1902 and was designed by Esenwein & Johnson. A four-story annex opened in 1923 and the property was converted to 104 apartments in 1982.
Vesta Corporation was created in 1998 by Steve Erie and Arthur Greenblatt. It is a leading real estate firms pecializing in the acquisition, development, and management of multi-family and senior affordable housing. Vesta has closed over $1 billion in financing for the development of more than 20,000 apartment homes in 13 states and the District of Columbia.
