Rowland Heights’ Novo Apartments to Become Affordable Units

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.

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.

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.

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.

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.

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.

— Chris Malone Méndez