The sale of a Getzville area apartment complex has set a new, local benchmark for “sale per unit” investment transactions.

According to documents filed April 30 in the Erie County Clerk's office, investors 11 Sean Riley Ct LLC paid $4.9 million for the 24-unit Millersport Gardens Apartments. The deal works out to $204,166 per unit or nearly 123% more than the regional “per unit” sale price of  $91,701, as tracked by CBRE Upstate NY.

11 Sean Riley CT LLC investors were not listed in the county clerk’s documents.
The townhome-style complex had been owned by Summit Millersport I LLC, Summit Millersport II LLC and Summit Millersport III LLC, a REIT (real estate investment trust) led by Studio City, Calif. investor Michael Thorn.

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The Thorn-led investment group paid $4.35 million for the Millersport Gardens Apartments in May 2022, buying the complex from an investment group led by local developer Paul Bliss. That means the value of the complex increased by nearly 13% in two years.

All 24 units are occupied.

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Gallery Credit: J.R. Militello Realty, Inc.

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