**CHW Acquires NOVO Apartments for Affordable Housing Conversion in Rowland Heights**
Northmarq’s Westlake Village Multifamily Investment Sales team, led by Vince Norris, Mike Smith, Jim Fisher, and Tommy Yates, in partnership with the Newport Beach Debt + Equity team headed by Scott Botsford, Joe Giordani, and Brendan Golding, has successfully completed the $38.3 million sale and financing of the NOVO Apartments in Rowland Heights, California.
Located at 1940 Fullerton Road, NOVO Apartments is a 126-unit property previously operating as a market-rate community. The buyer, Community HousingWorks (CHW), plans to convert the complex into a fully Deed Restricted Affordable Housing Community, significantly contributing to the region’s inventory of accessible housing.
“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 and conversion, Northmarq arranged $24.9 million in permanent, fixed-rate acquisition financing on behalf of CHW. The loan was secured through the Freddie Mac Targeted Affordable Housing Program and includes a 10-year fixed term, a 1.20x debt service coverage ratio, and a 35-year amortization schedule.
The seller, Stratford Partners Real Estate LLC, was represented by Northmarq in the transaction.
