Rowland Heights Apartments Acquired for $38.8 Million by Affordable Housing Developer
'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.
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