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Jul 29, 2019

Investor group buys more Cheektowaga apartments

A local investment group has acquired its second cluster of apartments in Cheektowaga, spending a total of $2.8 million in the past month to buy apartments on Concord Drive and Huth Road.

Acting through Concord Huth LP, the group that includes Ben Friedland and Roman Brailovski paid $1.8 million in June for apartment buildings located at 8-10, 12-14, 11-15, 31-33, 43-45 and 49-51 Concord. The seller was Lawrence J. O’Toole of West Seneca, through 1031 Properties.

Constructed in 1941, the complex includes multiple two-story apartment buildings on 0.24 acres, with a total of 29 units.

More recently, Concord Huth paid $1 million to buy an 18-unit apartment complex at 250 Huth Road in Cheektowaga. The seller was 5579 East River Road LLC of Grand Island, which includes Dr. Thomas R. Elmer Jr.

The complex consists of nine two-story buildings, constructed in 1957 on 1.5 acres, with a total of nearly 20,000 square feet.

Friedland is vice president of operations for Gold Wynn Residential USA, the U.S. subsidiary of the Wynn Group of Companies in Toronto, a Canadian real estate investment and development firm that bought the Kissling Interests portfolio in Buffalo earlier this year. However, both Friedland and Jeffrey Wynn – one of the three brothers who own and run Wynn Group – said the Canadian firm has no involvement in the Concord Huth purchases.

In other major deals of late:

  • Government Properties Income Trust, a real estate investment trust based in Newton, Mass., sold the Federal Center at 138 Delaware Ave. to Buffalo NY 1 FGF LLC of Chicago for $16.9 million. Constructed in 1994, the 141,733-square-foot Class A office building has six floors and is located on 0.55 acres at the corner of West Mohawk Street, a block north of Niagara Square and City Hall. Tenants include the U.S. Attorney’s Office for the Western District of New York. Government Properties merged last December with Select Income REIT to form Office Properties Income Trust.
  • Matthew Cherry’s Glendale Communities, through Sturbridge Apartments LLC of Tonawanda, paid $7.39 million to buy the Sturbridge Village Apartments at 770-790 Maple Road and 1405 North Forest Road in Amherst from Jonathan D. Luther’s Northtown Inc. Built in 1968, the 84-unit, two-story complex sits on 4.5 acres. It includes a mix of one-, two- and three-bedroom apartments, with surface and covered parking, patios or decks, and a heated pool.
  • Allied Frozen Storage Holdings transferred its refrigerated distribution warehouse at 5000 North America Drive in West Seneca to Blum Enterprises in a transaction between related parties that was valued at $5.92 million. Drew Blum controls both the buyer and seller. The site sits on 20.43 acres.
  • The co-owners of Catalyst Fitness, Joseph and Amy Bueme of Buffalo, bought their facility at 1999 Elmwood Ave. from G&I IX Empire Elmwood Regal Center for $2.8 million, through their Elmwood Hertel Property LLC. The seller is an affiliate of DRA Advisors of New York City, a national investment advisory firm that specializes in real estate investment and management services for institutional and private investors. Founded in 1986, DRA has acquired 1,600 properties worth $29 billion, and currently has $10 billion in assets under management for clients. Its holdings include 210 office properties, 405 industrial properties, 308 shopping centers and 230 apartment communities with 68,100 apartments.

Published in The Buffalo News July 23, 2019

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