More than 100 apartment units in three Tonawanda complexes were acquired this week for more than $4.62 million, as a longtime owner unloaded the properties.
Richard J. Williams, through three entities, sold the Williamsburg Village Apartments, Colonial Village Apartments and Englewood Avenue Apartments to limited-liability companies managed by John J. Edwards, but owned by an unidentified individual. The buyers were Tolip Tonawanda Apartments LLC and Tolip Englewood Apartments LLC.
Williamsburg, with 48 apartments at 25 Logan Ave. and 1370 Sheridan Drive, sold for $2.09 million. Colonial Village, which has 47 units and is located at 1035 Delaware Road and 25 McConkey Drive, sold for $2.03 million. And Englewood, which has 12 units at 940 Englewood, went for $500,000.
That's about $41,000 to $43,000 per unit, which is below the market average of $46,941 for Buffalo's northern suburbs, based on data from commercial real estate brokerage CBRE-Buffalo.