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
Dick Johnson is why that place was not a problem prior to his death. And he wasn't a jerk, either -- and I think both ought to be remembered both in remembrance of him and in consideration of how to deal with what truly is a really problematic rental housing situation in Amherst.
ReplyDeleteThe purchase price is about 1/3 over value and I would like to know what idiot is willing to finance something like that in this housing market and that town. Even if the higher ed bubble doesn't burst (as I think it will), things aren't going to keep expanding as they have for the past 40 years in Amherst.
Today's Washington Examiner (newspaper) has an article about the increasing number of female college students relying on "sugar daddies" to pay their expenses -- the bottom is going to fall out of this real soon. It has to...
And then what???