Community HousingWorks Acquires Novo Apartments In Rowland Heights For $38.3M With NorthMarq Brokers

The asset involved in this transaction is a multifamily property located at 1940 Fullerton Road in Rowland Heights. The property consists of 126 units and was sold for $38,300,000, resulting in a price per unit of $303,968. The buyer, Community HousingWorks, plans to convert the property from market-rate to deed-restricted affordable housing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,300,000
• Buyer: Sean Spear - Community HousingWorks
• Seller: Stratford Partners Real Estate LLC
• Brokers: Vince Norris, Mike Smith, Jim Fisher, Tommy Yates, Scott Botsford, Joe Giordani & Brendan Golding - NorthMarq
• Lender: Freddie Mac
• Units: 126
• PPU: $303,968

The transaction was facilitated by NorthMarq, which arranged $24.9 million in financing from Freddie Mac. The brokers involved in this deal were Vince Norris, Mike Smith, Jim Fisher, Tommy Yates, Scott Botsford, Joe Giordani, and Brendan Golding, who represented both Community HousingWorks and Stratford Partners in the transaction.