The sale of a North Buffalo apartment complex serves as yet another example of how red hot the local multi-family market is viewed by investors—both regionally and with out-of-town interests.

Case in point:

The Glendale Apartments at 2803 Main Street, a 22-unit complex that was built in the late 1920s, was acquired by investors 2803 Buffalo LLC for $3.1 million, according to documents filed Oct. 9 in the Erie County Clerk's office.

BD Hertel L.P., an affiliate of Buffalo-based Blue Dawn Properties LLC, bought the Glendale Apartments in September 2019 for $1.225 million.

That means the value of the apartments—where all 22 are leased—increased 153% in five years.

As for the current sale, the deal works out to $140,909 per unit, or 54% above the Buffalo Niagara regional average of $91,701 per apartment, as tracked by CBRE Upstate New York.

 

[PICS] Another Elmwood Apartment Complex Sells in Buffalo, New York

Gallery Credit: Zillow.com

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