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Brokerage
Posted: January 27, 2009
Heine brokers combined $1.1m sale of the 30-unit Northtown Apts. and the 14-unit Grove St. Apts.
As exclusive representative of the seller, KAP Holland Development, Brian Heine, a licensed real estate broker, completed the sale the 30-unit Northtown Apartments on Knox Dr. in Holland and the 14-unit Grove St. Apartments in Delevan together in a combined sale for $1.1 million. The properties are 12 miles apart and a sole property manager handles the rental and management at both locations.
Key to the sale was maintaining in place and modifying the existing assumable mortgage covering both properties; the favorable interest rate compared to current quotes drove the deal.
These garden apartment complexes were built together by the same builder at the same time to identical plans and marketed as a single sale. Both properties feature separately metered tenant utilities, a low maintenance brick and vinyl sided exterior, and are within commuting distance of the major suburbs of metropolitan Buffalo. The buyer was a Niagara Falls based apartment management company.
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