A veteran insurance industry executive and investor has acquired a Buffalo apartment complex from another local investor for nearly $4 million, helping the buyer deploy some newfound cash from the sale of a business last year.
Paul LoVullo, a senior vice president of family-owned LoVullo Associates, paid $3.95 million through Bryant Orange LLC to acquire the Bryant Place apartment buildings at 334-346 Bryant St. from Theodore E. Backus' 210 Summer Street LLC, according to Erie County Clerk records.
The four-story building was constructed in 1895, and now features 32 two-bedroom apartments, located in the Elmwood Village. The apartments include a living room, dining room, bedrooms, a kitchen and a bathroom, with all utilities except electric included in the rent of about $995. It was assessed at $910,000, according to the deed filing.
LoVullo Associates, which was founded in 1949 by Leonard S. LoVullo on Buffalo's West Side, is a leading wholesale brokerage agency that offers personal and commercial property and casualty insurance and other professional coverage through 1,200 independent insurance brokers throughout the Northeast.
The LoVullo family sold the company last April to Chicago-based Ryan Specialty Group LLC, parent of R-T Specialty Group, for an undisclosed amount. The agency now operates as RT Specialty Buffalo.