Calif. investor buys Shannon Hills apartment complex

Filed under: Daily News | Tags:, ,

Apartment saleA California real estate investment firm has purchased 70-unit Shannon Hills Apartments near Constitution Avenue and Union Boulevard.

Western Investment Partners paid $3.415 million for the property at 2110 E La Salle St., which was built in 1966 and 1974. That’s $48,786 per unit and $60.82 per square foot, according to a release from Apartment Realty Advisors, which brokered the sale.

“This is an opportunity to inject new energy and capital into a property with great potential,” ARA broker Kevin McKenna said. “It was owned and self-managed for a number of years and the buyers will be bringing a fresh perspective on ways to move the property’s performance to the next level. Its central location will only improve with the addition of the new Walmart Neighborhood Market under construction only a few hundred yards from their front door.”

The complex, which offers large two-bedroom, two-bathroom units, was already 97 percent leased, according to the release.