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.
Disposition activity during the period included two sales transactions – The Bixby Apartments, 45 units, located in Long Beach, CA, and Tatum Place Apartments, 164 units, located in Scottsdale, AZ. Both assets are in excellent condition and provide their residents with quality housing in strong rental markets.
On the acquisition side, NNC has structured along with the sale of The Bixby Apartments a Tenancy-in-Common (TIC) with new partners completing an IRS code 1031 qualified deferred exchange transaction. Nunn stated, “We are excited with the Bixby transaction due to the excellent returns earned by the selling partners and the potentials of future wealth building for our new investors in the property, both from the 1031 tax deferred exchange and future increase in value”.
In addition, NNC has acquired Cypress Senior Apartments, 20 units, in Anaheim, Burke Apartments, 44 units, in Pico Rivera and the 49th Street Apartments, 12 units, in Bixby Knolls, Long Beach. These investments represent value-add opportunities for our investors with hold period projected from 5 to 7 years depending on market conditions.
NNC also completed a 1031 exchange of the remaining proceeds from the sales of Tatum Place Apartments sold in December 2016. The exchange proceeds were used to fund the acquisition of four assets in Southern California totaling approximately $20,000,000.
During the period, NNC has successfully completed the refinance of four assets, totaling over $40M, Arbor Park Apartments, 260 units, in Upland, CA, Malibu Coastline Apartments, 16 units, in Malibu, CA, Casa de Oro II Apartments, 12 units, in Costa Mesa, CA and La Villa Lake Apartments, 114 units, in Pasadena, CA. The refinance proceeds where either reinvested in new multi-family assets or returned to investors.
**Pictured here is a before (lower photo) and after (upper photo) shot of a kitchen renovation completed in one of the units at Casa Townhomes located in Costa Mesa, CA**