Rowland Heights Apartments Acquired for $38.8 Million by Affordable Housing Developer
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Brokerage firm Northmarq announced the sale of 1940 Fullerton Road in Rowland Heights for $38.3 million. The firm’s Westlake Village multifamily investment sales team led by Vince Norris, Mike Smith, Jim Fisher and Tommy Yates, in collaboration with Northmarq’s Newport Beach debt and equity team led by Scott Botsford, Joe Giordani and Brendan Golding, completed the sale and acquisition financing for NOVO Apartments, a 126-unit market-rate to affordable housing conversion.
“We are pleased that both the buyer and seller acknowledged the critical need for affordable housing in this high-resource area designated by California Tax Credit Allocation Committee (TCAC) and California Department of Housing and Community Development (HCD),” said Norris, in a statement.
As a direct agency lender, Northmarq arranged $24.9 million in permanent, fixed-rate acquisition financing on behalf of Community Housing Works through the Freddie Mac Targeted Affordable Housing Program.
Built in 1974, the property offers one- or two-bedroom units. Community amenities include a 24-hour fitness center, swimming pool and daybeds, heated spa, outdoor dining area, gas barbecues and covered parking.
Information for this article was sourced from Northmarq.
