SAN DIEGO, CA – June 5, 2019 – HFF announces financing for the acquisition of 5008 and 5060 Hazeltine Avenue Apartments, two apartment buildings totaling 36 units in the Sherman Oaks neighborhood of Los Angeles, California.

HFF worked on behalf of the borrower, a joint venture between NextGen Apartments, LLC and Hanover Financial, LLC to arrange the fixed-rate acquisition and renovation loan through a life insurance company.

5008 and 5060 Hazeltine contain two one-bedroom units and 34 two-bedroom units averaging 1,044 square feet along with a total of 36 covered parking spaces.  The properties are located just north of Highway 101 and just east of Interstate 405 in the San Fernando Valley.  Additionally, the properties are situated directly across from the Van Nuys/Sherman Oaks Recreation Center and within a mile of additional lifestyle amenities, including Westfield Fashion Square, Notre Dame High School, Van Nuys Middle School and Sherman Oaks Hospital.

“Our joint venture seeks value-add multi-family opportunities throughout Southern California that require significant repositioning through improved property management and capital improvement,” said Steven Ludwig, co-founder of NextGen Apartments, LLC.

The HFF debt placement team representing the borrower was led by managing director Patrick Burger and associate Bharat Madan.