The Block 20 student housing complex, an Amherst development that caters to students of the University at Buffalo, has been acquired in one of this year’s largest commercial real estate deals in Erie County.
White Plains-based BDC Buffalo LLC and their Philadelphia-based partner Lubert-Adler paid over $40 Million for the 192- complex just off Sweet Home Road. Nearly all 192 units are leased.
The sale works out to $200,000 per apartment, well above the regional per-apartment sale average of $91,701, as tracked by CBRE Upstate New York. It also sets a new benchmark for the sale of a local student housing complex.
Block 20 opened in 2016 and features a number of tenant-friendly amenities including a private shuttle, student lounge, co-working space, a dog park, and fitness center.
The complex had been owned by Herron Drive Associates LLC.
