KLAMATH FALLS, ORE. — Shangri La Apartments of Klamath LLC has purchased Shangri La, a 36-unit multifamily property located at 1331 Avalon St. in Klamath Falls, for $1.08 million. Built in 1972, the property was developed as a HUD Project-Based Section 8 housing for low-income families. Robert DiPietrae of Hendricks & Partners’ Seattle office brokered the deal on behalf of the seller, Vancouver, Wash.-based Shangri La Apartments Joint Venture.
CHICAGO — Chicago-based Hansen Realty has completed the purchase of a six-unit residential condominium building, located at 3320-22 W. Eastwood Ave. in Chicago’s Albany Park neighborhood. The property is newly constructed but had been foreclosed on prior to its completion. Hansen Realty represented the buyer, a Northside developer, which purchased the building for $750,000.
PLYMOUTH, MINN. — Minneapolis-based Timberland Partners has acquired Parkers Lake, a 248-unit multifamily community located in Plymouth. The garden-style, Class B property was built in 1988 and is situated within a larger master-planned community. Parkers Lake comprises a mix of one-, two- and three-bedroom units averaging 1,067 square feet each. Community amenities include a fitness center, two outdoor swimming pools, a resort-style bar/grill area, a business center, a playground, and a pond with walking trails and fountains. Timberland purchased the property from Principal Life Insurance Co. for an undisclosed amount. It plans to complete several capital improvements projects in the near-term.
PLAINSBORO, N.J. — Vantage Mid-Atlantic, a division of New York-based Vantage Properties has acquired Fox Run Apartments, a 776-unit, garden-style apartment community located in Plainsboro. Amenities at the property include a fitness center, an outdoor swimming pool and tennis courts. This is the first acquisition made by Vantage Mid-Atlantic since it launched in the spring. In addition, the Fox Run Apartments, Vantage Properties currently owns and operates approximately 10,000 apartment units in approximately 150 buildings in New York City.
BOSTON — CWCapital, a subsidiary of CW Financial Services, has provided a $130 million loan for the refinancing of Church Park, a 12-story luxury apartment tower located in Boston. The property was developed in 1973 and is located at 221 Massachusetts Ave. It consists of 508 Class A apartments, 71,399 square feet of ground-floor retail space and a six-story parking garage. Apartment amenities include a penthouse community room with wireless Internet access, a fireplace, a baby grand piano and a rooftop terrace. Other amenities include 24-hour security and full concierge services. Tenants for the building’s retail component include Whole Foods Market. The building is currently 99 percent leased. Andrew Gnazzo and Michael Darling of CWCapital’s Boston office originated the loan through Freddie Mac’s Capital Markets Execution Program. Terms of the financing include a 10-year term and a 5.51 percent fixed interest rate. CAS Financial Advisory Services advised the borrower, Boston Residential Group.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Chancellor, a 224-unit multifamily community located at 311 Parramatta Ave. in Houston. The property was purchased by Miami Beach, Fla.-based JPMCC 2006-LDp9 Parramatta Lane Apartments LLC. The seller was locally based Chancellor Apartments LLC. Chip Nash and Greg Austin of H&P’s Houston office represented the seller. Terms of the transaction were not disclosed.
OAKLAND AND HAYWARD, CALIF. — Marcus & Millichap has brokered two multifamily transactions totaling approximately $3.39 million in the San Francisco Bay area. In the first transaction, David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office represented the undisclosed buyer in the acquisition of Glen Park Apartments, an 18-unit multifamily property located at 3507 Glen Park Rd. in Oakland. The property, which also offers retail space, sold for $1.6 million. In the second transaction, Kevin Turner of Marcus & Millichap represented the undisclosed seller in the disposition of Blossom Way Apartments, a 16-unit multifamily property located at 321-347 Blossom Way in Hayward. The cottage-style property sold for $1.78 million.
POMPANO BEACH, FLA. — Miami-based Pinnacle Housing Group has opened the 302-unit Golden Acres affordable housing complex in Pompano Beach. Designed by Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture, the property is located on 31 acres at the intersection of Dr. Martin Luther King Boulevard and NW 18th Drive. Pinnacle Housing and the Housing Authority of Pompano Beach broke ground on the project in April 2008.
CROSSVILLE, TENN. — Friendswood, Texas-based TrinityCare Senior Living, along with the Crossville-based developer Ray Mays, will build the 82-unit Trinity Heights senior housing complex in Crossville. Deutsche Bank Berkshire Mortgage recently provided funding for the project, which will cost $10 million. Trinity Heights is TrinityCare’s second facility in eastern Tennessee. Completion is slated for next year.
ST. ELIZABETH, MO. — Love Funding has arranged a $2.19 million loan for the refinancing of St. Elizabeth Care Center, a skilled nursing facility located in St. Elizabeth. The property contains 63 beds and 35 units. Terms of the loan include a 5.65 percent fixed interest rate and a 30-year term and amortization schedule. Robyn Cunningham of Love’s St. Louis office arranged the financing utilizing the HUD 232/223(f) program. The borrower is BKY Inc.