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Williamsville 1031 Tax Deferred Exchange sold for $4,725,000

May 15, 2024

The Garrison Gate Apartments, 23 large apartments in six brick buildings with two attached parking garages, in Williamsville were sold and the ten-unit apartment complex with three retail storefronts at 5415 Main Street also in the village of Williamsville was purchased using 1031 tax deferred exchange funds. The apartments are arranged around a central courtyard with 14 car parking in two lots at the rear of the building Eight of the apartments are in the courtyard building and two are on the second floor of the front building above the three storefronts. The buyer plans to move his business into one of the storefronts and occupy one of the upstairs apartments. Competitive commercial owner-occupied mortgage financing for the purchase of 5415 Main St. was arranged by the buyer. Investment properties, especially apartment complexes, remain highly sought after in Williamsville and the town of Amherst.

Kronenberg Building sold for $1,159,000

November 29, 2023

Four-unit apartment complex with two retail storefronts in the historic Kronenberg Building in the village of Hamburg. The apartments are on the second floor and both residents and retail customers share the rear parking lot. The apartments are luxury open loft apartments with all kitchen appliances, hardwood floors, AC, and in unit laundry machines. The Stores include the southtowns location for Spot Coffee. The property is fully occupied, the building was completely renovated and modernized by the current owner in 2014 including an all-new interior and mechanical systems. The buyer was able to arrange 80% new mortgage financing.

Alberta Medical Suites sold for $1,875,000

May 26, 2023

22,584 sq. ft. 18-unit medical suite office building on 2.2 acres on Alberta Dr., one block from Sheridan Dr. in the town of Amherst. All the offices are separately metered for gas and electric with a separate furnace, AC, hot water tank, and electric service for each unit. All the office entrances open into a large open common entrance area. There are 100 parking spaces surrounding the building. Amherst is a center for the medical profession in western New York with Millard Fillmore Suburban Hospital and many surrounding Doctor offices and medical professional office buildings. At sale the building was 34% occupied and the new owner plans to renovate the vacant units to increase the occupancy.

3904 Seneca Street Apartments sold for $1,035,000

December 7, 2022

12-unit brick apartment complex with an adjacent one-story brick commercial building with two storefronts with a shared driveway and rear parking on Seneca Street in the town of West Seneca along the Seneca Street commercial corridor across from the Southgate Plaza. Both buildings sit on one tax lot and have one tax bill and SBL number and cannot be separated. There are eight two-bedroom apartments and four one-bedroom apartments, heat is included in the rent, the tenants pay their own electric. The storefronts pay their own utilities. The two-bedroom apartment are near 800 sq. ft. and include eat-in kitchens and large bedrooms. There is substantial upside in the apartment rents with updated interiors. There is an active market for storefronts along Seneca Street near the Southgate Plaza. The buyer assumed the existing 4.0% fixed rate $538,000 mortgage, the cash on cash on the equity was 8.6%.

5415 Main Street Apartments sold for $1,700,000

October 14, 2022

Ten-unit apartment complex with three retail storefronts on Main Street in the village of Williamsville. The apartments are arranged around a central courtyard with 14 car parking in two lots at the rear of the building with an area of greenspace for tenant use. Eight of the apartments are in the courtyard building and two are on the second floor of the front building above the storefronts. There are seven one-bedroom apartments and three two-bedroom apartments. The apartment tenants pay their own gas and electric. The three first floor storefronts face Main Street; the owner pays the gas for the storefronts. There is a large market for high rent apartments in Williamsville and with the average apartment rent here of $830 there is upside for the new owner with higher rents from updated apartments. The property is fully occupied. There is an active market for storefronts along Main Street in the Williamsville business district. The high traffic counts on Main Street and the high-income demographics of Williamsville and Amherst attracts retailers. The sale closed at a 6.4% cap rate.

Callodine Student Apartments sold for $381,000

March 11. 2022

Three-unit apartment complex used as a 12-bedroom student housing residential income property in Amherst within walking distance of the State University of NY at Buffalo south campus. The apartments are offered furnished for the students. There are 12 bedrooms between the three apartments; Apartment 1 has five bedrooms, Apartment 2 has three bedrooms, and Apartment 3 has four bedrooms. There is one lease per apartment. The students pay their own electric and the owner pays the gas and water bills. The property is a two block walk to the south campus and there is little student housing for the south campus in the town of Amherst. The property is also a five-minute walk from the UB Maynard shuttle bus stop allowing quick access to either campus, the students do not need a car. The property produces a very consistent income, the sellers have had zero vacancy since they bought the property in 2013, the existing tenants refer the property to students they know following behind them. All the tenants are graduate students. The sale closed at a 6.5% cap rate.

Grand Island Apartments sold for $3,600,000

August 25, 2021

40-unit brick suburban garden apartment complex with a unit mix split between 20 one-bedroom and 20 two-bedroom in four buildings with six garages and additional parking with park like grounds in the town of Grand Island, NY. Grand Island is a suburb of Buffalo between the cities of Buffalo and Niagara Falls along the New York State Thruway Niagara Section (Interstate 190). The town is a center for the bioscience and pharmaceutical industry with employers including APP Pharmaceuticals, a member of the Fresenius Kabi Group, and Anda, Inc., an Allergan company. The complex is in excellent condition, the roofs and building mechanicals have been replaced or updated on a continuous and routine basis. Many of the kitchens have been remodeled to include open concept islands or eat in breakfast bars and the bathrooms have new toilets, grab bars, lighting, and other improvements.

Maple Grove Apartments sold for $800,000

August 24, 2021

Maple Grove Apartments, 14 two-bedroom apartments in two brick buildings on either side of Maple Grove Avenue; 18-22 Maple Grove Avenue (6 apartments) and 39 & 43 Maple Grove Avenue also known as 128 Colton Avenue (8 apartments) in the city of Lackawanna. Lackawanna is adjacent the southern border of the city of Buffalo. Recent improvements include the installation of new Dunkirk high efficiency furnaces in each building, the refinishing of the hardwood floors in every apartment, most of the bathrooms have new bathtub tile surrounds, vanities, and wainscoting, and new steel front doors in every apartment. The windows and roofs were replaced by a previous owner. The apartments are large and include appliances and dining areas. There are original hardwood floors throughout the apartments. The buyer was able to arrange 80% LTV mortgage financing with a ten-year term amortized over 25 years.

Denrose Drive Apartments sold for $635,000

May 13, 2021

Four large luxury two-bedroom apartments with two-baths with separate utilities on Denrose Drive in Amherst sold for $158,750 per unit. The apartments have been completely remodeled with new kitchens and bathrooms. A balcony or patio is entered off the family room, an additional bonus room in addition to the living and dining areas. The second-floor units have cathedral ceilings. The four storage closets and laundry room are on the first-floor hallway, there is no basement. The apartment furnace and water tank are in a utility room within each apartment, the tenants are responsible for their own heat, electric, and air conditioning. Recent improvements include a new roof at a cost of $24,000, and the replacement of all four apartment furnaces at a cost of $22,000. The building high rent of $1,200 for a 1,400 sq. ft. apartment is $.86 per sq. ft. per month, below the typical rent of $1.00 to $1.25 per sq. ft. per month for remodeled apartments and there is upside for the new owner in bringing all rents to market.

Knowlton Apartments sold for $550,000

December 8, 2020

16 apartments (ten 2-bedroom and six 1-bedroom) in a single brick building with three front entrances with separately metered tenant heat and electric utilities and an adjacent 0.11 acre commercially zoned vacant lot in the city of Lackawanna. Lackawanna is adjacent the southern border of the city of Buffalo. Twelve of the apartments are grandfathered into a special HUD Housing Assistance Program administered by Belmont Housing Resources for Western NY known as the Moderate Rehabilitation Program. The rental assistance is "attached" to the unit rather than the tenant. The Moderate Rehabilitation Program provides Section 8 project-based rental assistance for low-income families. The program is renewed annually and typically in July a 2%-4% rent increase has been granted. The four remaining apartments are rented to market tenants. Recently improvements include new breaker boxes for each apartment installed in the basement and four new hot water tanks that supply all the apartments. Each apartment has its own gas fired forced air furnace located in the basement; the apartments were built with hardwood floors with most covered with carpet.

Campus Road Apartments sold for $375,000

November 7, 2019

Brick four-unit apartment building in Snyder, four 2-bedroom apartments and three garages and parking, with separate utilities. The tenants pay their own heat, hot water and electric. The location, Campus Drive north of Main Street, is near Daemen College and Amherst High School. This is the only individually owned apartment building on Campus Drive, all the others are owned by Campus Realty. The large apartments include a full dining room and either a balcony or patio on the rear of the building that overlooks a backyard with a running creek. Original hardwood floors run throughout the apartments and are currently covered in carpet, hardwood floors are rare in suburban garden apartments and current home decorating trends favor them. In 2017 all the windows and back patio doors were replaced with vinyl replacements. Snyder, along Main Street within the town of Amherst, is an affluent and well-educated community as compared to other markets in metropolitan Buffalo. The residential inventory consists mostly of large single family homes on individual lots, there are few apartments.

Garrison Gate sold for $3,085,000

September 6, 2019

23 large luxury apartments with separate tenant utilities in six brick buildings with two attached parking garages, balconies and additional garage parking in the village of Williamsville within the town of Amherst. Amherst is Western New York's wealthiest suburb and remains the areas primary location for suburban living. The property is in excellent condition with many recent repairs and capital improvements. Apartment interior walls have been removed to create open concept living spaces, kitchens remodeled to include islands or eat in breakfast bars with new counters and cabinetry, and bathrooms have new wall tile or tub surrounds, tile flooring, lighting, grab bars, and other improvements. The four buildings along the north side of Wehrle Drive are interconnected with two drive-in parking garages which allow direct access to the apartments from the garages. The sixteen apartments, at up to 1,300 sq. ft., feature full hardwood floors, large kitchens, full dining rooms, AC, large bedrooms, and in some cases multiple bathrooms. These are among the most impressive rental buildings constructed in the town of Amherst. The sale price works out to over $134,000 per apartment.

Lancaster Apartments sold for $2,425,000

September 10, 2019

38-unit apartment complex consisting of 28 two-bedroom, 8 one-bedroom apartments, and two one-story townhouses in three brick buildings surrounding a paved and landscaped parking lot on 1.9 acres on an infill location in the village of Lancaster. Lancaster is a growing second ring suburb of Buffalo, 14 miles from downtown. The apartments reflect several generations of family ownership, excellent occupancy, and many long-term tenants. All the apartments are separately metered for gas and electric with a separate furnace, AC, hot water tank, and electric service for each apartment. Recent improvements include newer architectural roofs, all replacement windows, sidewalks, parking lot blacktop, and many remodeled apartments with new flooring, countertops, appliances, and bathroom fixtures.

Fairmount Hills Apartments sold for $2,130,000

August 30, 2019

48 unit apartment complex consisting of two 24 unit brick buildings on a total of 21.4 acres in Lakewood, NY, Lakewood is a western suburb of Jamestown in Chautauqua County. The unit mix consists of 24 one-bedroom and 24 two-bedroom apartments separately metered for gas (heat) and electric. Nearby is the Chautauqua Mall and other big box retail, also nearby is the world famous Chautauqua Institution. The buildings are in excellent condition; recently the driveway was repaved and the driveway and parking lot were sealed and striped. All the outdoor entry staircases were leveled and repaired, and the roof on building 30 & 32 was replaced in 2016. The apartments include large living rooms and separate dining rooms in all units. The sale was exclusive of an adjacent 17 acres of vacant land zoned multifamily retained by the seller valued at $175,000. The seller paid $1,780,000 for the property including the vacant land in 2014.

Hartford Road Duplexes sold for $540,000

August 13, 2019

Three brick duplexes in Amherst on separate adjacent lots with six 3-bedroom apartments with separate utilities; tenants pay heat, hot water and electric. The location, just east of Millersport Highway is equidistant between the north and south campus of the State University of NY at Buffalo. The large apartments feature hardwood floors, three bedrooms, large kitchens, and garages. There is a two car garage behind each duplex. Apartments this size, 1,160 sq. ft. and 1,269 sq. ft. are rare in Amherst rentals. The duplex design with an individual entrance for each apartment allows for no building common areas. 309 and 315 Hartford are side by side two story townhouse duplexes with an additional first floor half bath and a private basement for each apartment, and 317 Hartford is an upper and lower duplex with a common basement for both apartments. The buyer was able to arrange a single commercial loan to buy the three duplexes at 5.15%, with a ten year term, amortized over 25 years.

2600 Elmwood Avenue Apartments sold for $750,000

August 8, 2019

Twelve unit apartment complex in two brick buildings with eight garages and ten additional reserved parking spots in the village of Kenmore in the town of Tonawanda. The front building contains four 2-bedroom and four 1-bedroom apartments, the rear building contains four 1-bedroom apartments over the eight garages. The apartments are large and spacious and heat and hot water are included in the rent; the tenants pay their own electric. Nearby is Kenmore Mercy Hospital and village shopping along Delaware Avenue. The buildings are in excellent condition, recent improvements include the replacement of all the windows in 2016. The seller realized a 42% increase over the $528,000 price paid for the property in 2009. The buyer was able to arrange 80% LTV financing with a ten year term and 20 year amortization.

The Gateway Apartments sold for $2,100,000

October 11, 2018

Four-story renovated loft apartment building with the Ama Cocina restaurant on the first floor and 13 apartments on the upper floors in downtown Albany's entertainment district. The former industrial building was completely rebuilt in 2012 including new roof, windows, plumbing, electrical, and HVAC. New luxury apartment interiors were laid out with open plan living areas with 12 foot high ceilings and new kitchens with solid surface counters. A two-bedroom apartment rents for $1,750. All floors of the building are accessed by a password controlled elevator. A 15 year PILOT tax abatement with 10 years remaining was transferred in the sale. The buyer with 1031 tax deferred exchange funds closed the all-cash deal at a 6.5% cap rate.

Forrestal Lane Apartments sold for $744,210

July, 16, 2018

Three brick buildings with 13 two-bedroom apartments in West Seneca, one five unit building, and two 4-unit buildings, Forrestal Lane is a quiet suburban cul-de-sac with eight small apartment buildings. The apartments are large, include appliances, dining areas, have onsite laundries, and off street parking. The ownership has a continuous improvement program that makes building upgrades as necessary and apartment renovations including new appliances, upgraded kitchen flooring, lighting, and hardwood floors on turnover. The sale at $57,200 per unit is a significant increase over the last sale on Forrestal Lane of $45,000 per unit in 2017. The cap rate before replacement reserves was 8.0%.

Alfred Rentals sold for $2,190,000

April 23, 2018

Alfred Rental Apartments in Alfred, NY includes 40 apartments (80 beds) and two vacant development lots. Alfred is home to both Alfred State College and Alfred University together with a total student population of 5,000. The sale included six apartment buildings, all within the village of Alfred, include parking, and all six are within walking distance of the two campuses. Both 12 month and semester leases are accepted and the properties were 100% occupied at closing. Three of the buildings, together 29 of the 40 apartments, were built in 1985 or later. One of the buildings lots has been approved for the construction of an eight unit apartment building with two-bedroom apartments and a site plan is available. The buyer was able to arrange 80% LTV bank first mortgage financing at 4.9% and a 5% LTV seller held second mortgage with first year pro-forma cash on cash at 16%.

Winchester Village sold for $1,400,000

February 6, 2018

20 two-bedroom apartments with separate tenant heat and electric in five brick buildings with paved parking on Harlem Road in the town of West Seneca in a residential neighborhood across from the Winchester Village Elementary School. Near $300,000 in capital improvements have been completed including; new roofs and gutters on all five buildings, all new energy star replacement windows, remodeled kitchens and bathrooms, glass block basement windows, and all new circuit breaker panels for each apartment, resulting in a 41% increase in rental income. The buyer paid $70,000 per unit at a 7.2% cap rate reflecting the current demand for multifamily investments in the Buffalo apartment market.

Islebrook Apartments sold for $2,900,000

January 5, 2018

40-unit brick garden apartment complex with a unit mix split between 20 one-bedroom and 20 two-bedroom in four buildings with six garages and additional parking with park like grounds in the town of Grand Island, NY. Grand Island is a suburb of Buffalo between the cities of Buffalo and Niagara Falls along the New York State Thruway Niagara Section (Interstate 190). The town is a center for the bioscience and pharmaceutical industry with employers including APP Pharmaceuticals, a member of the Fresenius Kabi Group, and Anda, Inc., an Allergan company. The complex is in excellent condition benefiting from dedicated long-term ownership and management. The roofs and building mechanicals have been replaced or updated on a continuous and routine basis. Many of the kitchens have been remodeled to include open concept islands or eat in breakfast bars and the bathrooms have new toilets, grab bars, lighting, and other improvements.

Park Apartments sold for $420,000

October 5, 2017

Six large apartments, four two-bedroom and two one-bedroom, with separate tenant utilities in a brick building on Potters Road in the town of West Seneca in a residential neighborhood across from the Cazenovia Park Golf Course. The building is in excellent condition, and the owners have finished a complete building renovation. Recent improvements include a new roof and gutters and new energy star windows throughout. The electric feeder lines and basement breaker panels have also been replaced. Tenant attractions include remodeled kitchens with new appliances in all the apartments including cabinets, counters, floors, and some with breakfast bars; upgraded bathrooms with new vanity and toilet, garage parking, and basement laundry connections. New lighting and hardware has also been installed throughout the apartments.

Middlesex Gardens Apartments sold for $1,575,000

September 19, 2017

40 luxury apartments in six brick buildings in a park like setting in Fredonia. Fredonia is 40 miles southwest of Buffalo at exit 59 of the New York State Thruway (Interstate 90). Included are 24 two bedroom units, both apartments and townhouses, 16 one bedroom units, and 14 garages and additional paved parking. East of the property are the retail commercial districts on Vineyard Drive and Bennett Road (Route 60). The property has been well maintained and is in very good condition. Recent improvements include a new gas fired high efficiency hot water furnace in each building and the replacement of 95% of the original casement windows with modern thermopane windows. Tenant attractions include the heat included in the rent, hardwood floors, availability of garage parking, and a central laundry room. The property manager lives nearby and is available for the new owner. The buyer was able to arrange 80% LTV financing.

Fairhern Apartments sold for $624,000

March 6, 2017

Twelve unit apartment complex consisting of 12 two-bedroom apartments in three separate buildings with separate utilities in Lakewood, NY, Lakewood is a desirable suburb east of the city of Jamestown in Chautauqua County. The buildings, built from 1997 through 2000, are in excellent condition. The unit mix consists of all large two-bedroom apartments with modern kitchens with appliances and separate dining area. Tenant amenities include cathedral ceilings in the second floor units, garages with handheld openers, balcony or patio for each apartment, and laundry rooms in each building. The tenants pay their own heat, AC, and electric. The owner pays the hot water, water and sewer, and common area electric. The buyer was able to arrange 80% LTV 25 year financing and the property was fully occupied at closing.

McGeordan Apartments sold for $1,650,000

November 20, 2015

36 unit brick apartment complex in three 12 unit buildings with large apartments including 18 two-bedroom, 15 three-bedroom, and 3 one-bedroom. The three-bedroom apartments have multiple bathrooms. The apartments with all utilities included in the rent produce a very stable tenancy; rent collections in 2014 totaled 97.5% of the rent roll. The roofs are seven years old and 24 of the kitchens have been remodeled. The seller completed a reverse Section 1031 tax deferred exchange on closing. The reverse 1031 exchange imposes a 180 day deadline, including the time for both the marketing and closing, on the seller and commences when the seller closes on the replacement property. Wellsville, located in New York State's Southern Tier 90 miles south of Rochester, is the largest township and retail and entertainment center for southern Allegany County

Park Square sold for $2,500,000

August 25, 2015

26 unit apartment complex including eight two-bedroom apartments in the front building, 17 two-bedroom townhouses in the rear, and a single family house in the village of Orchard Park. All the apartments are separately metered for gas (heat) and electric and also included are 27 garages. Rents range from $800 for the apartments to $1,275 for the townhouses and the complex was fully occupied at sale. The sale was structured as cash equity plus the assumption of an existing $1,700,000 mortgage at 6.5%. Brick apartments in prime locations such as these are now trading at historically low cap rates and sellers are realizing price per unit amounts approaching $100,000. The buyer sees higher rents and plans to invest an additional $200,000 upgrading the kitchens and bathrooms.

Fairmount Hills sold for $1,780,000

December 30, 2014

48 unit apartment complex consisting of two impressive 24 unit brick buildings on a total of 21.4 acres in Lakewood, NY, Lakewood is a western upscale suburb of Jamestown in Chautauqua County. The unit mix consists of 24 one-bedroom and 24 two-bedroom apartments separately metered for gas (heat) and electric. The buildings are in excellent condition and these units have among the most attractive layouts in this market including large living rooms and separate dining rooms in all units. The roofs were replaced and new HVAC (heat and AC) units were installed in every unit in 1994. The windows were replaced in 1997. The parking lot and entry road were resurfaced in 2006. The entryways and hallways were updated in 2008. The seller was able to defease the existing CMBS mortgage at closing allowing the buyer to bring in new 80% LTV mortgage financing at 4.79%; first year pro forma cash on cash is 17.9%.

Mansion Square sold for $1,200,000

March 10, 2014

Mansion Square Apartments is a 32 unit multifamily USDA (United States Department of Agriculture) Rural Development (RD) subsidized housing complex built in 1987. The owner, Mansion Associates (a limited partnership), was formed to build and operate the low and moderate-income housing project. The tenants are funded by HUD and other rental programs. The apartments feature open modern layouts, there are 14 two-bedroom units and 18 one-bedroom units. The tenants pay their own heat (electric) and electric. The complex is located in the village of Coxsackie in Greene County. Coxsackie is at exit 21B of the New York State Thruway (87), 20 miles south of Albany and 120 miles north of New York City. The RD mortgage was paid off at closing and the buyer was able to arrange new financing taking the property out of the USDA subsidized low-income housing program to charge market rents. The cap rate shown is pro forma, the actual cap rate was 4.3%.

Denrose Apartments sold for $628,000

November 29, 2011

Ten two-bedroom apartments in an all brick apartment building on Denrose Drive in Amherst; Denrose Drive is a mix of small apartment buildings and condominiums. The all brick building consists of ten apartments in an up and down duplex arrangement, each front door opens to a stair hall leading to two apartments and a basement. All of the apartments are two bedroom with one bath and average 900 sq. ft. and include a full complement of appliances. Current rent is $795 and heat is included. Recent improvements include new windows, exterior doors, furnaces, roof, refrigerators, and new exterior trim paint. The buyer was able to arrange 80% LTV financing at 4.5% fixed for five years. Values have increased in Amherst in recent years; the sellers paid $410,000 for the property in 2004.

Landmark Apartments sold for $522,500

June 22, 2012

Twelve two-bedroom units in a wood framed vinyl sided apartment building in the village of Lakewood. Lakewood is a suburb of the city of Jamestown. The apartments total near 1,000 sq. ft. with modern open layouts, full kitchen appliances, and in unit laundry connections. Each unit has a balcony or patio, a large master bedroom, and some of the upper units have fireplaces. All utilities are separate with the tenants paying their own heat (electric), electricity, and water. The building was built in 1985, the walk up design allows for no landlord common areas, the exterior stair halls are protected by overhangs. Three of the apartments are rented as furnished corporate rentals to employees of the Cummins Company Jamestown Engine Plant. For these apartments the owners pay the utilities and provide a full set of household furnishings, the monthly rents for these apartments range from $1,010 to $1,440. There are additional capital costs associated with reserves for the replacement of the furnishings that were not included in the cap rate calculation.

Cerina B Apartments sold for $585,000

June 11, 2012

The Cerina B Apartments have been sold for $585,000. 22 apartments in a three story elevator apartment building on Main Street in the village of Perry. The building is in excellent condition having undergone a complete renovation in 1982. Included were new mechanical systems, the installation of a Dover elevator, and a complete remodeling of the interior into 15 studios, 5 one-bedroom, and two two-bedroom apartments. The elevator reaches all floors including the basement as the building was redesigned for single and double occupancy senior housing. The building features a complete master key system, magnetic swipe card entry at both front and rear doors, and a Simplex security monitoring system. Recently the windows in the front of the building have been replaced and all the toilets have updated with low flow models. The tenants pay for their own heat (electric) and electric service. The owner pays for the common area heat (gas) and electric, and water. The sale price reflects a 17% increase in what the sellers paid for the property in 2008, a reflection of the continuing strength of the apartment market.

Collett Woods Apartments sold for $5,100,000

November 17, 2011

The Collett Woods Apartments have been sold for $5,100,000. 96 two-bedroom and three-bedroom townhouse apartments in ten buildings on 18 acres in the town of Farmington. The property is one mile south of the New York State Thruway exit 44 and convenient to all the entertainment and employment opportunities of the eastern Rochester suburbs. All utilities are separately metered. The property is in excellent condition; 90 of 96 kitchens and baths have been recently renovated. Eight acres of the property are available for the development of an additional 72 units. The sale priced at a 7.2% cap rate based on the 2011 proforma NOI; actual 2011 year to date results are ahead by 6.5%. Payroll includes salary, bonus, and housing for an onsite Manager and an onsite Maintenance Supervisor and a 4% management fee paid to the general partner. The property operates at 96% occupancy, collections have increased in recent years and strong tenant check procedures result in very little delinquency. A new tax assessment was negotiated in June 2011 and is available for the new owner.

White Eagle Square Apartments sold for $930,000

May 13, 2011

The White Eagle Square Apartments have been sold for $930,000. 16 two-bedroom units in two wood framed vinyl sided apartment buildings in the town of Evans with 16 garages. The apartments total 1,050 sq. ft. with modern open layouts, full kitchen appliances, and in unit laundry connections. Each unit has a balcony or patio and assigned garage space. All utilities are separate with the tenants paying their own heat, electricity, water, and air conditioning. The buildings were built in 1997 and newer apartment complexes of this vintage are highly sought after as the contemporary feel of the apartments is an important factor in attracting better qualified tenants. The buyer was able to arrange 73% LTV mortgage financing at 5.65% bringing the first year cash on cash return to 13%.

Jane Drive Apartments sold for $720,000

March 3, 2011

The Jane Drive Apartments have been sold for $720,000. 20 units in a two-story brick apartment building in the town of Niagara with paved off-street parking. From a central entrance and staircase the apartments open off the hallway on each floor; there are 11 two-bedroom and nine one-bedroom apartments. The building is set back in a residential neighborhood and the location is near the large retail areas along nearby Military Road and Niagara Falls Boulevard. The seller has completed significant improvements to the apartment interiors; most of the units have had the carpets replaced and many have new bath and kitchen floors and bathtub tile. A new rubber membrane roof was completed in 2006, the furnaces were replaced in 2005. The windows were replaced by a previous owner and the building exterior is insulated. The property is fully occupied and is owner managed and maintained. Total collections in 2009 were 97.3% of the current rent roll. The buyer was able to arrange 80% LTV mortgage financing at 5.85% bringing the first year cash on cash return to 10%.

Lincoln Place Apartments sold for $887,500

April 4, 2010

The Lincoln Place Apartments have been sold for $887,500. 24 two-bedroom apartments in two brick buildings in the town of Lockport with separately metered tenant utilities. The complex is part of a nine building development of separately owned apartment buildings set back off of Lincoln Avenue. Each property has an easement along the driveway. The apartments are large and spacious at near 900 sq. ft. and feature a large fully applianced kitchen with dining area and an 11 ft. long walk in closet in the master bedroom. A laundry room with coin operated machines is available in each building. The seller had invested over $150,000 recently in updating the buildings including ten new kitchens and new appliances in all of the units. The roofs were replaced in 2006. The property was delivered at 95% occupancy with all tenants on one year leases. The buyer was able to arrange 75% LTV mortgage financing at 6.12% bringing the first year cash on cash return to 16%.