Autumn Creek Apartments sold to investor group for $15.5 million New owners plan to enlarge the fitness center

Autumn Creek Apartments in East Amherst has been sold for $15.5 million to a group of investors who own other luxury apartment complexes in the region.

The investors acquired the 228-unit community on North French Road, west of Transit Road. It was sold by an affiliate of Legacy Development, which developed the property several years ago.

The buyers also own Windsong Place Apartments in Amherst, Renaissance Place Apartments in Amherst, Green Lake Apartments in Orchard Park and StoneGate of Clarence, a senior community.

Autumn Creek Apartments consists of 48 one-bedroom apartments and 180 two-bedroom apartments.

Bruce Wisbaum, a local developer who is among the investors who make up Autumn Creek Apartments LLC, said he was drawn by the property's large units, its buildings' layout and its location in a growing area that includes CrossPoint Business Park.

"It's a very competitive environment to try to acquire apartments," he said.

The new owners are making improvements such as enlarging the fitness center and community room, redesigning the pool area and adding a toddler playground.

Legacy Development had owned the property for eight years. The last building in the complex was finished six years ago, said Frank Chinnici, a Legacy principal.

Chinnici said Legacy was satisfied with the property's results over the years. The company had not actually been marketing the property for sale, but received an enticing offer.
"Sometimes you get offered a price that makes you part with something you hold dear," he said.

The project was Legacy's first in the area, he said, but Legacy felt comfortable with the buyers based on their track record with other apartment complexes.

The sale allows Legacy to channel more financial resources toward new developments, Chinnici said.

"The economics made sense for us to move on."

Legacy Development's other local projects include Astor Ridge Condominiums in Amherst and Laurel Park Patio Homes in Clarence. Last year, Legacy sold Laurel Park's improved lots to a home builder.

e-mail: mglynn@buffnews.com

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