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Jonathan Rose Acquires Santa Cruz Affordable
Jonathan Rose Companies acquired Mission Gardens Apartments in Santa Cruz for an undisclosed sum. Rose acquired the property in a partnership with San Jose-based nonprofit First Community Housing.
Rose’s construction team will immediately begin renovation work to upgrade apartments and improve accessibility at the 50-unit site, originally built in 1981 in Santa Cruz’s Westside neighborhood.
“Mission Gardens is located in one of the most rent-burdened neighborhoods in the most rent-burdened small city in the country,” said Nathan D. Taft, CIO at Rose. “We cannot begin to address the affordable housing crisis without preserving our existing stock. We’re thrilled to be able to preserve Mission Gardens as affordable housing for the long term.”
New York City-based Rose purchased Mission Gardens from a partnership between Reiner Communities and Las Palmas Housing. CBRE’s Taylor Froland brokered the sale, which brings Rose’s California portfolio to more than 2,000 units under ownership. Financing was provided by Walker & Dunlop through the Federal Housing Administration 223(f) loan program.
- ◦Sale/Acquisition




