**CHW Acquires NOVO Apartments for Affordable Housing Conversion**
Northmarq’s Westlake Village Multifamily Investment Sales team—led by Vince Norris, Mike Smith, Jim Fisher, and Tommy Yates—in partnership with Northmarq’s Newport Beach Debt + Equity team—led by Scott Botsford, Joe Giordani, and Brendan Golding—has successfully completed the sale and acquisition financing for NOVO Apartments in Rowland Heights, California.
The property, located at 1940 Fullerton Road, is a 126-unit community that will be transformed from market-rate housing into a fully Deed Restricted Affordable Housing Community. The $38.3 million sale was executed on behalf of the seller, Stratford Partners Real Estate LLC, with Community HousingWorks (CHW) acquiring the asset as part of its ongoing commitment to expanding access to affordable living spaces.
“Despite ongoing administrative changes at HUD, we remain committed to advancing our efforts in this sector, working alongside our clients to address the pressing demand for affordable housing,” said Vince Norris of Northmarq.
To support the acquisition, Northmarq arranged $24.9 million in permanent, fixed-rate financing for CHW through the Freddie Mac Targeted Affordable Housing Program. The financing includes a 10-year fixed term, a 1.20x debt service coverage ratio, and a 35-year amortization schedule.
The transaction marks another strategic step forward for CHW in addressing California’s critical affordable housing needs.
