A 40-unit Lackawanna apartment complex has been acquired by a Lockport investor.
John A. Khorrami, through JNJ Apartments, paid $1.97 million to buy the eight-building property at 959, 961, 963, 965 and 967-973 Ridge Road from Buffalo-based Tzetzo Companies, through 959 Ridge Road Associates.
The five properties are assessed at $785,060. As part of the deal, Khorrami also assumed a two-year-old mortgage with $1.32 million in principal remaining.
Located near South Park Avenue, the 32,000-square-foot, all-brick complex of two-story buildings, with eight units in each, was constructed in 1965. It includes 24 two-bedroom apartments of 650 square feet each and 16 one-bedroom units with 500 square feet in each. Rents start at $715 and $615, respectively. Six apartments already have been gutted and rehabbed.