(EDITOR’S NOTE: According to public records, the properties were sold by The CONAM Group for a combined price of $42.19 million to entities affiliated with AEW Capital Management. Ashwood Court, which is located at 19201 Nordhoff St., sold for $14.39 million, or about $199,958 per unit; White Oak, which is located at 9907 White Oak Ave., sold for $16.1 million, or approximately $201,250 per unit; and Noble Pines Apartments, which is located at 21617 Saticoy St., sold for $11.7 million, or about $172,058 per unit.)
LOS ANGELES, CALIFORNIA — Northmarq Los Angeles investment sales team, consisting of Vince Norris, Mike Smith, Jim Fisher, Mike Hanassab, and Elliot Hassan collaborated to secure the sale of Ashwood Court, White Oak, and Noble Pines Apartments. The three-property portfolio totals 220 units in Northridge and Canoga Park and are all subject to 50 percent and 60 percent AMI restrictions. Northmarq represented the Seller, The CONAM Group of San Diego, CA.
Located in the thriving San Fernando Valley sub-market, all three properties are positioned 30 minutes or less to nearly 115 million sq. ft. of office, retail, and industrial space, with outstanding access to mass transit. Built in 1996 and 1997, the properties have provided the San Fernando Valley with income restricted fully affordable housing for over 20 years. The portfolio was expertly operated and maintained by The CONAM Group which was reflected in the high demand to rent at these properties.
The sale demonstrates increasing demand for quality affordable housing opportunities in the San Fernando Valley and throughout Los Angeles County despite rising interest rates. Northmarq was able to successfully complete a very short and efficient marketing process structured to ensure the Seller’s goal of a first quarter close would be met. The portfolio generated national attention with nearly 80 interested buyers and generated multiple offers from both traditional affordable and non-traditional affordable groups.
“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,” stated Managing Director Vince 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.”
“Our hats are off to both the buyer and seller on their flawless execution of three great assets,” said Mike Smith. “Affordable housing is the hottest sector of the otherwise cooling multifamily market and the interest and pricing of these assets proved that.”
