ConAm Sells Los Angeles Fully Affordable Portfolio

Ashwood Court. Image courtesy of Yardi Matrix

The ConAm Group has sold a three-property portfolio totaling 220 units in Northridge, Calif., and Canoga Park, Calif. AEW Capital Management purchased the properties for approximately $42.2 million, according to public records.

The portfolio previously traded a decade ago, when the Los Angeles Housing Partnership sold it for $21 million, according to Yardi Matrix data. In 2013, each property became subject to a CMBS loan originated by Prudential Financial, the same source shows.

The fully affordable communities, designated for residents earning between 50 and 60 percent of the area median income, are:

• Noble Pines Apartments, totaling 68 units and located at 21611 Saticoy St., Canoga Park
• Ashwood Court, totaling 72 units and located at 19201 Nordhoff St., Northridge
• White Oak, totaling 80 units and located at 9907 White Oak Ave., Northridge

Built in 1996 and 1997, the properties incorporate one-, two- and three-bedroom floorplans. Common-area amenities include fitness centers, swimming pools, spas, clubhouses, playgrounds, laundry facilities and parking spaces.

The communities are situated in the San Fernando Valley submarket, in areas with multiple dining options, retail centers and entertainment venues. The properties are near Interstate 405 and Route 101, which provide direct access to downtown Los Angeles.

Northmarq’s Senior Vice Presidents Mike Hanassab and Elliot Hassan, along with Managing Directors Vince Norris, Mike Smith and Jim Fisher, represented the seller in the transaction. The same team of brokers recently worked on behalf of both parties in a $56 million San Fernando Valley sale.