Latest news with #Northmarq
Los Angeles Times
a day ago
- Business
- Los Angeles Times
Tustin Senior Housing Complex Sold for $83 Million
Los Angeles-based real estate investor Meta Housing Corp. sold a 240-unit senior housing apartment complex known as Coventry Court, located at 16000 Cambridge Way in Tustin, for $83 million, or $346,000 per unit. Northmarq's Los Angeles and Newport Beach investment sales teams, led by Jim Fisher, Vince Norris, Mike Smith and Tommy Yates, represented the seller. The buyer was New York-based Jonathan Rose Companies. 'Coventry Court is one of the most exceptional senior living communities in the country,' said Jim Fisher, managing director for Northmarq, in a statement. 'The mix of market-rate and affordable units, along with the exceptional construction quality, generated a very strong buyer pool.' Coventry Court opened in 2013 and features income-restricted apartment units for residents aged 55 and older. Only 87 units are offered at market rate. The complex is in the master-planned Tustin Ranch neighborhood, near the Village at Tustin Legacy retail center. Information for this article was sourced from Northmarq.
Los Angeles Times
13-06-2025
- Business
- Los Angeles Times
Rowland Heights Apartments Acquired for $38.8 Million by Affordable Housing Developer
Brokerage firm Northmarq announced the sale of 1940 Fullerton Road in Rowland Heights for $38.3 million. The firm's Westlake Village multifamily investment sales team led by Vince Norris, Mike Smith, Jim Fisher and Tommy Yates, in collaboration with Northmarq's Newport Beach debt and equity team led by Scott Botsford, Joe Giordani and Brendan Golding, completed the sale and acquisition financing for NOVO Apartments, a 126-unit market-rate to affordable housing conversion. 'We are pleased that both the buyer and seller acknowledged the critical need for affordable housing in this high-resource area designated by California Tax Credit Allocation Committee (TCAC) and California Department of Housing and Community Development (HCD),' said Norris, in a statement. As a direct agency lender, Northmarq arranged $24.9 million in permanent, fixed-rate acquisition financing on behalf of Community Housing Works through the Freddie Mac Targeted Affordable Housing Program. Built in 1974, the property offers one- or two-bedroom units. Community amenities include a 24-hour fitness center, swimming pool and daybeds, heated spa, outdoor dining area, gas barbecues and covered parking. Information for this article was sourced from Northmarq.
Yahoo
23-03-2025
- Business
- Yahoo
How Charlotte's multifamily development boom is defying the odds
The Charlotte region added 146 multifamily developments totaling almost 31,000 units in the past two years, so it would be no surprise if there was a glut of empty apartments. But there is a surprise: There's no glut. Not even close. And the rental rate malaise hitting Sunbelt cities such as Nashville, Miami, Atlanta and Austin has already moderated here. While those markets saw annual one-bedroom rent declines of between 3.3% and 4.8% last year, rates here quickly rebounded by the end of 2024. READ: Concord summit works to empower girls, build confidence So far in 2025, the Charlotte market's overall average rent is $1,636 per month, and Class A properties are averaging $1,779 per month, according to data from CoStar. That's down about 1% from 2022 — the year before a record run of construction — and just slightly less than 1% above last year. Andrea Howard, Northmarq regional managing director of multifamily investment sales, said that while supply remains strong, the bigger story is how much demand exists in the market. Charlotte ranked No. 9 in the nation for apartment demand, followed by Raleigh-Durham at No. 10. They joined five other Sunbelt cities in the top 10. 'We've been the poster child for demand. It's off the charts,' she said. 'If you look back at the history of our cycles, this phenomenon of absorbing 5,000-plus more units than what we delivered has never happened before.' Keep reading here. WATCH: Bill addresses pavement environmental impact
