Heine sells two apartment complexes in a $913,000 1031 tax deferred exchange

Brian Heine, a licensed real estate broker in NYS, has completed the sale of the ten-unit Alden Apartments at 13205 Park St. and the 12-unit Elmwood Apartments at 2600 Elmwood Ave., Tonawanda. The properties sold for a combined total of $913,000. Waterman Estates sold the Alden property and purchased the Elmwood property utilizing a 1031 tax deferred exchange. Both locations are brick suburban garden apartment complexes with a combined total of 22 units. They are a mix of one and two-bedroom apartments, fully-occupied and in excellent condition at time of sale resulting in a long-term average tenancy and consistent investment income. The Alden Apartments were sold all cash and the Elmwood Apartments were sold cash to an existing private mortgage, no bank financing was involved. Heine said, "The WNY apartment sector continues to appreciate as both properties were previously sold in 2006 and the current sale price represents a 9% increase over three years; a time of falling property prices in other commercial property types and in other apartment markets.