Los Angeles
A joint venture between NextGen Apartments and Hanover Financial has acquired to value-add apartment properties in Los Angeles totaling 36 units in Sherman Oaks. The investors plan to drive value at the property through significant capital investments and an improved management plan.
Located at 5008 and 5060 Hazeltine, the properties feature mostly two-bedroom units and 36 parking spaces. The joint venture secured fixed-rate financing for the renovation project through a life insurance company.
Managing director Patrick Burger and associate Bharat Madan led the HFF debt placement team representing the borrower.
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