About

In 2007, after working for twenty-five years in the banking industry, Paul J. Kolkmeyer decided to reinvent himself by going into real estate. With knowledge of the real estate industry and how banks analyzed real estate loans as well as a background in purchasing and selling smaller residential properties, it seemed like a natural fit. He formed Priam Enterprises, LLC in June of 2007 and started looking for opportunities.

Priam purchased two properties in late 2007. The Morris Manor Apartments were purchased in a foreclosure auction sale, renovated and transformed into a profitable investment within. The Mercer Apartments, just two blocks away, proved to be much more challenging, reinforcing the risks and rewards of entrepreneurialism and the need to ensure properties are bought for the “right price.”

Within four months of the Mercer purchase, Priam negotiated a profitable deal to purchase a former nursing home property on Delaware Avenue that had been vacant for a number of years. After redeveloping the property into over 40 small apartments a few years later, Priam sold their share to his partner to capitalize on other investment opportunities.

In 2013, Priam began a three year effort of investing in additional downtown Buffalo opportunities, each of them with a different set of partners. Priam put together a deal to purchase the Dun Building in downtown Buffalo, establishing Priam’s name as a serious player in the world of commercial real estate.

A few months after purchasing the Dun building, another set of partners came together with Priam to develop the former Birzon Building on Main Street into a mixed-use building. Soon thereafter, three buildings on West Tupper were purchased, along with a former rectory on Jewett. Priam had created a formidable presence along Buffalo’s Main Street corridor.

After years of showcasing his property management skills and commitment to revitalizing the city, Paul met with lawyer and civic leader David Sweet. Sweet saw Paul as a “worthy successor” and offered him the deal that put Priam on the map: purchasing five iconic buildings in the heart of downtown Buffalo. In 2014, Priam seized the opportunity, leading the investment group and completing the purchase.

In 2015, Priam’s property management skills brought them another deal: the chance to invest in a building at the south end of the medical corridor. Priam and its partners purchased 327 Elm Street and is in process of developing the building with Priam handling all of the management responsibilities.

Most recently, Priam led investors in purchasing a downtown parking ramp to serve the many buildings Priam manages at the south end of Buffalo’s Main Street corridor. Renovations of this structure and expected to be completed in 2017.

Priam doubled down on its commitment to its team by purchasing Campion Commons, 23 market-rate apartments near Delaware Park. All investors were members of the Priam team.

Looking forward, Priam plans to continue growing and adding to the property management portfolio. Their approach, however, will remain the same: invest in good people, treat your tenants well and success will follow.