SHERMAN OAKS, CA-TransAction Financial Corp. of Los Angeles has purchased its partner’s interest in the 260-unit Chase Knolls apartment complex for $33 million, according to Colliers Seeley International. Herb Chase, a member of a Colliers Seeley team that arranged a $30 million loan, tells GlobeSt.com that the owner plans to develop 141 additional units on the 13.9-acre site.Chase, Curtis Palmer and Alex Quintana, of Colliers Seeley International’s West Los Angeles office arranged the financing on behalf of TransAction Financial with Matt Palmer of the local regional office of Aegon. TransAction financial acquired the partner’s interest with the $30 million loan combined with $3 million in cash. Aegon is also expected to provide construction financing for the additonal units that are planned at the complex. Occupancy at the property, which was built in 1949, was approximately 96% at the time of the buyout.The 19-building complex, at 13401 Riverside Drive, consists of one- and two-story buildings of one and two bedrooms in 17 different floor plans. Common area features includegreenbelts, extensive landscaping and numerous open areas. The property is close to restaurants, shops and grocery stores. TransAction Financial is renovating existing units at the complex while proceeding to secure entitlements for the additional development, Chase tells GlobeSt.com, explaining that the renovations and the new units represent considerable upside potential forTransAction, which is now the sole owner of the property. The partner that TransAction financial bought out was the majority owner of the Chase Knolls complex and was a private individual based in Southern California.

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