Several Apartment Complexes Sell in Western New York

Investor interest in regional apartment complexes - especially in suburban locations - continues to remain strong and the driving force behind some commercial transactions.
The latest examples?

- An eight-unit, fully leased apartment complex at 1608 Sweet Home Rd., Amherst sold and the deal closed on May 31, with investors B&F Capital Real Estate LLC paying $885,000 for the complex, according to documents filed in the Erie County Clerk's office.

The complex had been owned by 1608 Sweet Home LLC and was developed in 1994.
The deal works out to $110,625 per unit or 21% more than the regional per apartment unit sale price of $91,701 as tracked by CBRE Upstate New York.

-  And, in Cheektowaga a four-unit apartment complex at 620 Cleveland Ave. sold for $540,000, with investors 3310 Southwestern LLC buying the property, according to May 31 filings in the county clerk's office.

Bear Creek Holdings LLC had owned the complex, which was built in 1965.
The deal works out to $135,000 per unit or 47% above the regional $91,701 per apartment unit tracked by CBRE Upstate NY.