Avanath Acquires Baldwin Village Apartments for $220M

At 669 units, representing the largest single asset transaction in Los Angeles County this year, Northmarq has completed the $220 million sale of the Santa Rosalia and Santo Tomas Apartments in the Baldwin Village neighborhood of Los Angeles. The sale to Avanath Capital Management was arranged with a unique structure that allows the buyer to provide the residents a long-term affordable housing solution. The seller was Upside Investments.

“Avanath recognized the potential opportunities that exist with the property as they combine market-rate and Income Restricted Affordable housing to the community. With more than one-million square feet of land, the future of this asset will serve as a model for large-scale housing in the city,” said Northmarq’s Vince Norris, who collaborated with the firm’s Jim Fisher, Mike Smith, Bryan Schellinger and Shane Shafer in securing the deal.

Joe Giordani, Scott Botsford and Brendan Golding of Northmarq’s Newport Beach debt/equity team also secured $121 million in acquisition financing for the property through Fannie Mae.