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Brokerage
Posted: January 18, 2008
Licensed real estate broker Heine sells the 25-unit Linwood Apartments for $1.175 million
On behalf of the seller, 277 Linwood Manor LLC, Brian Heine, a licensed real estate broker, completed the sale of the 25 unit Linwood Manor Apartment Complex at 277 Linwood Ave. for $1.175 million.
Linwood Manor is located in Buffalo's Delaware District, the prime residential and rental market in the city. Nearby is the downtown financial district, Buffalo General Hospital, and the Roswell Park Cancer Institute. This classic postwar apartment building consists of a mix of one and two-bedroom apartments with off-street parking and was fully occupied and in excellent condition at the time of sale.
Significant price appreciation has recently occurred in the area's apartment market and the Linwood Manor sale price here represents an 80% premium to what the seller paid for the property in 2004. Heine acted as exclusive agent for the seller and reflecting the strong investor interest multiple offers were received from across the country.
The buyer was a Los Angeles investor completing a 1031 tax deferred exchange. The buyer was represented by Michael Hananel of Horizon Realty of West Hollywood, California.
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