A Buffalo developer has sold one of the newest apartment complexes in Amherst to a Rochester developer for $14.5 million, capitalizing on the project's close proximity to the University at Buffalo.
Frank Chinnici's Legacy Development sold the Strathmore Apartments at 4501-4525 Chestnut Ridge Road to FGG Florida Partnership Ltd., according to documents filed in the Erie County Clerk's Office.
That's a Rochester-based entity whose general partner was until recently Benton B. Kendig III of Kend Enterprises Inc., Mercier Realty and Centurion Capital Corp. Another partner is George E. Mercier, of Sarasota, Fla.
Kendig, a real estate developer who has built, operated and sold large commercial projects in New York, Florida and South Carolina, said he was bought out of the Strathmore deal right before the closing, but he didn't identify the new owner.
Stratford, built in 2016 at a cost of $14 million, includes 78 luxury apartments in three three-story buildings on 9.41 acres near UB's North Campus. The 35,517-square-foot complex includes eight floorplans of one-, two- and three-bedroom units, ranging in size from 877 to 1,327 square feet, and renting for $1,206 to $1,814 per month.
"They're really nice, beautiful apartments," said Todd Clicquennoi, a Rochester real estate investor who was a minority partner with Chinnici on the original development, but has stayed on under the new ownership to manage the property.
"It's quite a diverse mix. There are definitely some students there, with the proximity of UB."
Legacy was founded in 1998 by Chinnici and a Rochester partner, Crystal Construction but became solely owned by Chinnici in 2003. The company has built residential communities such as the Astor Ridge condominiums in Amherst, Autumn Creek Apartments with 24 buildings in East Amherst, the 87-lot Brandon Woods subdivision in Amherst, the Laurel Park patio home community in Clarence, and the Polo Grounds patio homes in East Aurora.
It also once owned the former Continental Concert Hall and Night Club on Franklin Street, and developed a retail shopping center in Orchard Park and a mixed-use building in Tonawanda.
The complex also includes a fitness center, clubhouse, barbecue grills and picnic area, storage rooms, attached garages, and on-site management. Each unit has hardwood-style and tile floors, master suites, full-size kitchens, a patio or balcony, stainless-steel appliances and granite countertops.
The property, which Clicquennoi said is nearly full, is assessed by the town at $4.97 million.