ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller.
NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about 23 miles east of Los Angeles. Rent restrictions were not disclosed.
Northmarq’s Westlake Village Multifamily Investment Sales team, led by Vince Norris, Mike Smith, Jim Fisher and Tommy Yates, represented Stratford in the transaction. Northmarq’s Newport Beach Debt + Equity team, led by Scott Botsford, Joe Giordani and Brendan Golding, arranged the loan for CHW.