Long Beach, CA – May 1, 2017 – NNC Apartment Ventures, a limited liability company (“NNC”) focused on investments and operations in multifamily communities, today announces its acquisition, disposition and capital markets activities for 2H 2016 and Q1 2017. John Nunn, the Company’s Managing Member, commented “The activity has been very robust for NNC during the prior 9 months, with excellent results for our investors.” Acquisition, disposition and capital markets activity for the nine months was in excess of $150,000,000. NNC is continuing to grow its portfolio of assets and footprint as a major investor, owner and asset manager of Southern California multi-family assets.
Long Beach, CA – July 1, 2016 – NNC Apartment Ventures LLC, a limited liability company focused on investments in and operating apartment communities, announced that it has acquired three new properties in Southern California. The purchase of Imperial Villas, 8127 Imperial, and 738 Ogden will complement NNC’s portfolio by providing exposure to different locations in Southern California along with great growth potential and will serve to enhance its portfolio size. The three new acquired properties, totaling $19,100,000, together with the previous 2016 acquisitions worth $41,390,000 – have added $60,490,000 to NNC’s portfolio of assets in Southern California. NNC Apartment Ventures will continue to seek out new opportunities and aim to provide stable cash flows and profitable returns for its investors.
“The Los Angeles County market has shown favorable qualities in which smart investment and proper management could be highly rewarded. Due to our experience with the Southern California market, we believe that our investments in Downey and Los Angeles would provide great value to our portfolio, our investors and our management team. We will apply our expertise and experience to manage and redevelop our investments to increase their value during the holding period. In the end, we hope to sell these investments for a return greater than the market average.” – John H. Nunn, Managing Member and Investment Officer of NNC.
December 2011 – NNC has announced the sale of Landmark Apartments to a family investment company. The Landmark was purchased in 2004 as a value add, cash flow investment for NNC and its partners and was located in a prime Hollywood, CA submarket adjacent to the historic Roosevelt Hotel. The asset was purchased for $5,337,500, financed through a 7 year loan by FNMA and sold by Marcus and Millichap on behalf of the partnership for $5,925,000. Profits from the transaction will be used for new transactions within the NNC platform.
October 2011 – NNC has announced the sale of Valencia Gardens to a multifamily investment firm. Held by the firm for 7 years, the asset was located Tustin, CA and featured 165 one and two bedroom units. The investment was purchased as a cash flow, yield driven asset that provided ongoing cash distributions through its investment life for NNC and its partners. NNC and its investors acquired the asset for $22,475,819 in 2004, financed the purchase and its renovation with a loan originated by FNMA, and sold the asset through a fully marketed transaction led by Hendricks and Partners for $25,500,000. Profits from the transaction will be used for new transactions within the NNC platform.
December 2010 – NNC announces the close of its latest investor round for Sycamore Villas in Hollywood, CA allowing the asset and its new investor to obtain a new 10 year loan from Freddie Mac. The loan was in the amount of $10,216,000 and at a favorable rate of 4.8%.
October 2010 - NNC has announced the relocation of its affiliated property management, Fusion PMC. Fusion PMC has relocated its Los Angeles area management office to Bixby Knolls in Long Beach, CA. Fusion has continually managed all NNC assets since the inception of NNC and provides a focused, customer service approach for its clients and customers. More information on Fusion can be found at: www.fusionpmc.com.
May 2010 - NNC has announced that its principal and founder, Leroy Carlson has joined the Board of Directors of Terreno Realty Corporation (NYSE – TRNO). Mr. Carlson will continue his activities with NNC Apartment Ventures in addition to his new duties at Terreno.
Feb 2010 – NNC has announced the strategic disposition of Briarhill Apartments in Fullerton California. Part of the original portfolio of NNC, Briarhill was acquired in 2001 for $12,850,000 and sold for $16,100,000 to a private investor. Proceeds from the sale will be used to acquire other assets for the company.