The San Diego offices of HFF secured financing for the sale and renovation of two Los Angeles apartment buildings for an undisclosed price.
The buildings are in the Sherman Oaks neighborhood at 5008 Hazeltine Ave. and 5060 Hazeltine Ave.
The buyers were NextGen Apartments LLC based in El Segundo with offices in San Diego and Hanover Financial LLC, based in Los Angeles.
Combined, the two apartment buildings have 36 apartments averaging 1,044 square feet with 36 covered parking spaces.
“Our joint venture seeks value-add multifamily opportunities throughout Southern California that require significant repositioning through improved property management and capital improvement,” said Steven Ludwig, co-founder of NextGen Apartments.
Securing the loan was the debt placement team of HFF (Holliday GP Corp.) led by Managing Director Patrick Burger and Associate Bharat Madan.