An 18-unit Elmwood Village apartment complex has sold for $2.85 million.
The Whitesand Family L.P. bought 305 W. Utica Apartments from FJF Development-Utica Street Condominium LLC, which consists of five equity partners.
The two-building complex just west of Elmwood Avenue was completed in 2011. It consists of 16 two-bedroom units and two ground-level, studio-size units, according to CBRE-Buffalo, which represented the seller. The complex includes 16 garage spaces.
In 2007, the FJF development team unveiled plans for a luxury condo complex for the site. When the condo project failed to meet a target for presold units, the development was instead built as an apartment complex.
The per-unit sale price was $158,333. CBRE-Buffalo’s Robert J. Starzynski, who along with James DiFiglia represented the seller, said CBRE-Buffalo reviewed the past eight years of multifamily housing sales records and could not find a higher per-unit price than that. The Sidway Building’s per-unit sale price was about $100,000 in 2007, he said.