California + Los Angeles + Apartments | April 12, 2023

Northmarq Arranges $42M Sale of LA Affordable Housing Portfolio

AEW Capital Management has purchased a three-property, 220-unit affordable housing portfolio in Los Angeles County. Northmarq’s Vince Norris, Mike Smith, Jim Fisher, Mike Hanassab and Elliot Hassan represented the seller CONAM Group in the transaction reported to be valued at $42 million. The properties, located in Northridge and Canoga Park are all subject to 50% and 60% AMI restrictions.

“Recognizing the change in the market and the in-place debt set to mature, the San Diego-based seller chose to explore a sale of the portfolio,” said Norris. “Excitement in the market for an opportunity of this size yielded strong engagement from potential buyers with multiple offers making it to the best and final round.”

Located in the San Fernando Valley and built in the late 1990’s, the properties range from one- to four-bedroom floor plans averaging approximately 800 square feet and are positioned within proximity to abundant office, retail and mass transit.

Get insight from LA CRE leaders like CBRE Managing Director Jessica Lall. Attend Connect LA on May 3 at Hotel Indigo.

Connect

Inside The Story

AEW Capital ManagementNorthmarqVince NorrisCONAM Group

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

Order Reprints