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Brokerage
Posted: January 25, 2010
Greco Real Estate brokers $9.165 million sale of a 259-unit apartment complex
Greco Real Estate.com has brokered the sale and listing of a 259-unit apartment complex for $9.165 million The listing broker associates Gary Greco and Chris Greco have had a long-time relationship with the owners, the Lobrutto family. Dennis Greco sales broker has had a 40-year client relationship with the purchaser Myron Robbins, keeping this transfer of ownership within the local Buffalo area landlords.
The complexes, commonly known as Crestmount & Embassy Sq. Apartments consists of two garden-style apartment complexes located along the west side of Colvin Blvd. and the south side of Crestmount Ave. The two complexes contain 86-one-bedroom units and 173 two-bedroom units.
The seller's FJL Properties, LLC, Crestwood Development Corp. and Sharon Development Corp. were constructed, owned and operated by the Lobrutto family since 1969.
The purchaser, Robbins of Buffalo Management, has plans to make many improvements to the complex.
First Niagara Financial Group of Buffalo secured the financing of the project assisted by loan officer Anthony Franco.
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