HENDRICKS & PARTNERS NEGOTIATES 150-UNIT APARTMENT SALE

BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.