Introduction to Novo Apartments
Novo Apartments in the San Gabriel Valley’s Rowland Heights is under the new ownership of a nonprofit.
San Diego-based nonprofit Community HousingWorks bought the 126-unit property from Stratford Partners Real Estate for $38.3 million, L.A. Business First reported. The company plans to convert the market-rate property at 1940 Fullerton Road into an affordable housing community.
The Property and Its Amenities
Novo Apartments was built in 1974 and has one- and two-bedroom units as well as amenities like a 24-hour gym, covered parking, a swimming pool and jacuzzi, daybeds, courtyard seating and a community kitchen, lounge and dining area.
Financing and Acquisition
Los Angeles-based Northmarq facilitated the sale and acquisition financing — a $24.9 million fixed-rate acquisition loan through the Freddie Mac Targeted Affordable Housing Program. The loan has a 10-year fixed term. Northmarq has converted nearly 1,200 market-rate units to affordable housing for a total estimated value of more than $371 million.
Benefits and Advantages
Residential communities consisting entirely of affordable housing, such as Novo under Community HousingWorks’ ownership, benefit from Los Angeles County’s Executive Directive 1, which streamlines and expedites processing of these developments so they can break ground quickly.
Affordable Housing in Rowland Heights
As it stands, there are only three such affordable housing developments in Rowland Heights, according to the California Housing Partnership Corporation. They include the Alhambra House at 18345 Aguiro Street; Rowland Heights Apartments at 1945 South Batson Avenue; and the Palms Apartments at 1920 South Batson Avenue. Novo Apartments sits adjacent to Rowland Heights Apartments.
Nearby Affordable Housing Communities
Other nearby affordable housing communities include the Mountain Shadows Apartments at 2775 East Valley Boulevard in West Covina; the Gabriel House at 3449 East Calle Baja Drive in Walnut; and the Hacienda Senior Villas for senior citizens at 1901 South Azusa Avenue in Hacienda Heights.
Conclusion
The conversion of Novo Apartments into an affordable housing community is a significant step towards addressing the housing needs in Rowland Heights. With the support of Los Angeles County’s Executive Directive 1 and the efforts of nonprofits like Community HousingWorks, the area can expect to see more affordable housing options in the future.
FAQs
- Q: Who bought the Novo Apartments in Rowland Heights?
A: San Diego-based nonprofit Community HousingWorks bought the property. - Q: How many units does Novo Apartments have?
A: Novo Apartments has 126 units. - Q: What is the plan for Novo Apartments under new ownership?
A: The plan is to convert the market-rate property into an affordable housing community. - Q: How many affordable housing developments are there in Rowland Heights?
A: There are currently three affordable housing developments in Rowland Heights, with Novo Apartments set to become the fourth. - Q: What benefits do residential communities consisting entirely of affordable housing receive?
A: They benefit from Los Angeles County’s Executive Directive 1, which streamlines and expedites the processing of these developments.
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