30 Gatehouse Road, Echo Village Apartments (24 units)
Jamie Cherewatti, aka Eagle Crest Management, branched out in a B-I-G way this week by purchasing #10 and #30 Gatehouse Road commercial complexes (business and residential) for $3 million using a new LLC, Echo Gatehouse Partners and $1.85 million in financing.
The price was well above their combined assessed value of $2.1 million, with the lions share being the 24 units of housing, a frequent destination for the Amherst Police Department.
James Cherewatti on left
10 Gatehouse Road, commercial business condos
Cherewatti purchased the multi-use property from the original developer Gerry Gates, who with his long time business partner Dick Johnson (now deceased) built the sprawling development in the mid-1970s.
Amherst Insurance Agency, #20 Gatehouse, is not included in the deal, although coincidentally enough that property was sold just sold last week by Ron Nathan for $700,000 to RAG Associates, aka Glenn Allan, a long time executive with the insurance business.
Amherst Insurance Agency: still your independent, locally owned full service insurance agency