November 2009 – NNC Announces Disposition. NNC has announced the disposition of Kendallwood Apartments in Whittier, California. The 120 unit community was purchase for $16,200,000 in December 2003 and was sold for $17,750,000. Funds from the sale will be used to acquire additional assets and general company purposes relating to refinance of other investments. The asset was listed and sold by Hendricks and Partners.
July 2009 – NNC has selected Hendricks & Partners, Marcus & Millichap and CB Richard Ellis to provide brokerage services for certain assets in selected southern California markets. All three firms have worked with NNC in the past and are key brokerage relationships for NNC. The company expects to use the proceeds from some or all of the sales to actively purchase assets over the next real estate cycle.
December 2008 - NNC announces that its 6 community portfolio of 625 units purchased in April 2006, has now past 80% renovation completion with over 3 million spent on renovation to date. The company expects the final completion of units to be substantially completed by year end 2009. Additional, the company announced the full completion of exterior renovation to its community in Whittier California.