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California firm pays $16 million for Amherst apartment complex

A national owner and developer of low-income housing has paid $15.9 million for a West Amherst apartment complex.

Lincoln Avenue Capital of Santa Monica, Calif., bought the Sutton Place Apartments at 102-301 Travers Circle, off Sundridge Drive, through a limited liability company.

Chason Affinity Cos. and a limited partner had acquired the 21.7-acre property in 2003, said Chason CEO P. Jeffrey Birtch. The 246-unit Sutton Place Apartments were built in 1973, town records show.

The Chason group took advantage of a federal tax-credit program that encourages investment in affordable housing, Birtch said. After 15 years they were no longer eligible for the tax credits with this property, though new owners would be. That's why the partners already wanted to sell when Lincoln made them an attractive offer, he said.

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