NOAH Portfolio - 551 Units, 20 Assets 20 Properties Offered at $110,280,725 CAD in Multiple Locations

NATURALLY OCCURRING AFFORDABLE HOUSING (NOAH) AT INSTITUTIONAL SCALE - 551 units across 20 Los Angeles properties, offered as one transaction at $79,975,000, a 7.67% capitalization rate on the buyer's own reassessed tax basis.
93% OF THE 531 DWELLING UNITS already rent at or below the maximum permitted at 60% of Area Median Income. That is the number that decides a NOAH acquisition. Most fail underwriting because in-place rents have to fall substantially to reach program maximums. Here a conversion to restricted affordable housing would require little or no rent reduction, and the in-place income stream largely survives the conversion.
THE RESIDENTS ALREADY QUALIFY. 55.1% of documented households earn at or below 40% of Area Median Income, measured from income documentation taken at application rather than estimated. Ninety units carry housing-authority support, providing third-party-certified income and payment stability. Nothing is encumbered today: no regulatory agreement, no recorded restriction, and no tenant displacement required to convert.
$33.7 MILLION OF CAPITAL ALREADY INVESTED - $61,250 per unit - much of it into long-lived building systems: roofs, plumbing, electrical, seismic and life-safety work. That work is complete, paid for, and conveys with the assets. A purchaser inherits remaining useful life instead of funding a replacement cycle out of year-one cash flow.
ONE PLATFORM, ONE TRANSACTION. The assets are separately owned and operated on a single management platform, transactable as one deal. They span 15 Los Angeles submarkets from Hollywood and Koreatown through Central and South Los Angeles to the Harbor, so no single submarket carries the portfolio. Available in whole, by submarket cluster, or individually. A further six properties on the same platform - 186 units, taking the whole to 737 units across 26 properties - are available separately and quoted on request.
YEAR ONE: effective gross income $9,602,802; operating expenses $3,469,487 (36.1% of EGI); net operating income $6,133,315. $145,145 per unit, $481 per gross square foot, 8.33 GRM, 166,138 gross SF, 90.0% occupancy, built 1899 to c. 1963.
Offered free of existing financing; seller financing is not offered. Full property-level financials, rent rolls and addresses are released on execution of a confidentiality agreement.