Investment Group Buys 2 Apartment Complexes in Amherst, New York

A pair of neighboring Amherst apartment complexes has been acquired by a new investment group.

And, the apartments sold at a deeply discounted rate.

Investors Amherst Townhomes LLC paid $2,025,000 for the apartments at 4035-4055 Harlem Road and 4075-4123 Harlem Road. The deal closed on June 28, according to documents filed in the Erie County Clerk's office.

Amherst Townhomes LLC bought the units from fellow investors South Harlem Road Townhomes LLC.

Combined the two complexes have 32 apartments. Both buildings were constructed in 1945.

The deal works out to $63,281 per apartment, or 31% less than the regional per apartment average of $91,701, as tracked by CBRE Upstate New York.