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.
April 2011 – NNC has announced the relocation of its principal operating office to Long Beach California effective April 2011. The move consolidates the company’s operations with its management company, Fusion PMC. The Phoenix office has been closed. The new contact information for all enquiries is:
NNC Apartment Ventures, LLC
4425 Atlantic Ave Suite B20
Long Beach, CA 90807
T: 562.428.161 F: 562.428.1660
Principal Contact: John Nunn – Managing Member