A 185-unit senior apartment tower in Norwalk has traded hands for $41.9 million, with Rainbow Housing picking up the age-restricted property at a price of $226,678 per unit. The building, known as Norwalk Tower Apartments, sits about 16 miles from downtown Los Angeles and is reserved for residents aged 62 and older earning at or below 50 percent of the area median income.
The sale price and terms come from a report by Multifamily Housing News, which cited Yardi Matrix data on the per-unit figure. Of the building’s 185 apartments, 183 are affordable and 144 carry Section 8 restrictions, according to the same report. Rainbow Housing financed the purchase with an undisclosed amount drawn from a $145.3 million Fannie Mae credit line, originated by Jones Lang LaSalle, that matures in 2041.
The 11-story building includes 102 studios and 83 one-bedroom units ranging from 375 to 550 square feet, each with a kitchen or kitchenette, washer and dryer, and a balcony or patio. Shared amenities include a fitness center, salon, barbershop, common-area spaces, and game and activity rooms, per the outlet’s reporting. Asset Living manages the property, which sits at the intersection of Rosecrans Avenue and San Antonio Drive near Coast Plaza Hospital and Norwalk Community Hospital.
A Building With a Contested Past
Norwalk Tower’s own history comes with a wrinkle. Multifamily Housing News reports the building opened in 1974 and underwent a $12 million renovation in 2014 through HUD’s Section 221(d)(4) program, while a project page from Icon Builders, which oversaw construction work on the renovation, describes the project as having been completed in 2014. The accounts refer to different milestones: the tower opened in 1974, and its renovation was completed in 2014…