TONAWANDA, N.Y. — In one of the Town of Tonawanda’s largest apartment transactions in recent memory, New Jersey investors paid more than $15 million for a cluster of Sheridan Parkside apartments.
According to documents filed April 8 in the Erie County Clerk’s office, Tonawanda Estates LLC of Montvale, New Jersey, paid $15,005,000 for 49 buildings, with a combined 217 apartments. The complex had been owned by CMS Rentals LLC of Clarence.
The deal works out to $69,147 per unit, just below the region’s $72,302 per apartment average as tracked by CBRE/Buffalo. The buildings were constructed between 1935 and 1947.
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