Amherst, NY On behalf of CCS MGT LLC, Brian Heine has completed a 1031 tax-deffered exchange involving three apartment complexes.
Heine brokered the sale of the Garrison Gate Apartments for $3.088 million. The Garrison Gate Apartments, a 23-unit apartment complex in six brick buildings with two interconnected parking garages, located at 270 Garrison Rd. in the Williamsville area. The sale at $134,000 per apartment represents a 6% cap rate.
The purchaser funded the transaction utilizing 1031 tax deferred exchange funds from the sale of the 48-unit Fairmount Hills Apartments on Lakeview Dr. in Lakewood, near Jamestown for $2.13 million and the 12-unit apartment building at 2600 Elmwood Ave. in Tonawanda for $750,000.
All three properties, brick garden apartments totaling 83 units, were closed individually within one-month.
Heine is a licensed real estate broker in New York State.