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Kenmore apartment building sells for $765,000, 91% more than its 2019 purchase price

Palermo Development paid $76,500 per apartment for the complex, slightly above the regional average of $72,302, as tracked by CBRE/Buffalo.
Credit: Google Earth

KENMORE, N.Y. — A 10-unit apartment building at 2629 Elmwood Ave., Kenmore, was acquired by Palermo Developments LLC for $765,000.

The 62-year-old complex was owned by Matus Two LLC, which bought the building in March 2019 for $400,000. The building’s real estate value rose 91.25% in three years.

Palermo Development paid $76,500 per apartment for the complex, slightly above the regional average of $72,302, as tracked by CBRE/Buffalo. All 10 apartments are leased.

Read more real estate news from our partners at Buffalo Business First.

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