Northmarq‘s Westlake Village and Los Angeles Investment Sales teams led by Jim Fisher, Steven Goldstein, Vince Norris, Mike Smith and Tommy Yates completed the $45 million sale of a 198-unit age-restricted mixed-income community, The Piedmont, in North Hollywood.
Northmarq represented both the seller, Meta Housing Corp. and the buyer in the transaction, which included a HUD loan assumption.
“The Piedmont Apartments offer essential active senior living options in the eastern San Fernando Valley,” Fisher said. “Developed by Meta Housing, this property exemplifies a deep understanding of the needs of the expanding active senior population.”
Built in 2002 and located at the heart of North Hollywood, The Piedmont offers residents age 62 and older direct access to two large public parks, a local library, recreation center with a pool, and several senior-focused services and clubs. Residents also benefit from multiple nearby transit stops and proximity to three major hospitals in the San Fernando Valley.
The property includes a mix of affordable and market-rate units, with 44 income-restricted apartments reserved for residents earning at or below 50% of the area median income (AMI). This affordability component qualifies the asset for a 21% tax abatement, while the remaining 154 units lease at market rates.
A key component of the transaction was the assumption of more than $29 million in existing HUD-insured debt. The fixed-rate loan carries a 4.05% interest rate and 35-year term, maturing in 2057 — a significant value-add for long-term investors in today’s high-rate environment.
