Home Real Estate Jonathan Rose Makes $102M Acquisition in San Jose
Real Estate

Jonathan Rose Makes $102M Acquisition in San Jose

New York City-based Jonathan Rose Companies, among the leading owners of affordable and mixed income housing, completed the acquisition of The Grove, a 331-unit market rate apartment complex in San Jose, for $102 million.

At closing, Rose recorded a 55-year regulatory agreement with the Bay Area Housing Finance Authority that establishes income and rent restrictions on all 331 units at 80% of Area Median Income. It further restricts the maximum rent increase on all rent-and income-restricted units to 3%

“The preservation of The Grove builds on the work we have been doing for nearly two decades to acquire, preserve and green well-located multifamily housing in select markets nationally,” said Nathan D. Taft, CIO at Rose. “We are so pleased to be able to complete this transaction in a challenging financial environment.”

Rose purchased The Grove from Nuveen Real Estate. Salvatore Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale, marking Rose’s first acquisition in San Jose.

Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...