AEW Capital Management recently purchased a three-property, 220-unit affordable housing portfolio in Los Angeles County for an estimated $42 million. Northmarq’s Vince Norris, Mike Smith, Jim Fisher, Mike Hanassab and Elliot Hassan represented the seller CONAM Group in the transaction. The properties are located in Northridge and Canoga Park with 50% and 60% AMI restrictions respectively.
Norris noted that due to market changes as well as maturing debt held by the San Diego-based seller they chose to explore a sale of the portfolio which resulted in strong engagement from potential buyers with multiple offers making it to best and final round.
The properties range from one- to four bedroom floor plans averaging approximately 800 square feet each within proximity of office spaces, retail stores and mass transit options available nearby.
