Lancer Court, an apartment complex in Depew, has been sold to a local buyer for $8.24 million.
Buffalo Management Co. bought the complex through an affiliate. The seller, Toronto-based Realstar Properties Ltd., had owned it through a partnership since the mid 1980s, said Robert Starzynski of CB Richard Ellis' Buffalo office, who represented the seller.
The complex, which is off George Urban Boulevard and dates to the 1970s, is about 96 percent occupied. It consists of 234 units on 16 acres.
Buffalo Management also owns city properties such as the Mayflower Apartments and the Elliott.
Myron Robbins, president of Buffalo Management, said the deal reflects his company's strategy of diversifying, remaining in the apartments business but expanding into the suburbs.
"It's a real good, solid property," Robbins said. "This company kept things up real well."
The opportunity to acquire so many units at once made it an attractive deal, he added. "We felt it was an opportunity we didn't want to let go past us," he said.
Realstar was simply ready to move its capital into other areas after owning the complex for so many years and decided to sell, Starzynski said. Last fall, Realstar sold another local property, the King's Green apartment complex on West Ferry Street in Buffalo, to a different local company, Kenmore Development.