BUFFALO, NY (BUFFALO BUSINESS FIRST) -- Myron Robbins has added two Town of Tonawanda apartment buildings to his growing portfolio of local real estate holdings.
Robbins has acquired the Crestmount Apartments and Embassy Square Apartments, paying $9.165 million for the two complexes, which had been owned FJL Properties LLC, Crestwood Development Corp. and Sharon Development Corp., three companies all owned by Frank Lobrutto and his family members.
Frank Lobrutto's father, Frank, built the two apartment complexes in 1969.
Combined the Crestmount and Embassy Square Apartments have 259 units are about 85 percent leased to a mix of tenants ranging from young, single workers to senior citizens. The Crestmount, with 139 units, sold for $5.21 million, according to documents filed in the Erie County Clerk's office while the 120-unit Embassy Square Apartments, sold for $3.8 million.
"There were some the offers that came in (besides Robbins')," said Chris Greco, a broker with Greco Real Estate.
The deal was jointly brokered by Dennis Greco, Chris Greco and Gary Greco. Dennis Greco has a long time working relationship with Robbins.
Robbins' local real estate holdings include the 226-unit Lancer Court Apartments in Cheektowaga as well as the Mayflower Apartments on Summer Street and the Ellicott Apartments on Linwood Avenue.