Jonathan Rose, Columbia Residential JV Buys Mechanicsville MF for $25M
A joint venture of NY-based Jonathan Rose Companies and Atlanta-based Columbia Residential, in conjunction with neighborhood non-profit SUMMECH Community Development Corp., acquired City Views at Rosa Burney Park, a 181-unit family Section 8 and LIHTC community near downtown Atlanta for $25 million. The community is located in the rapidly revitalizing Mechanicsville neighborhood, and preserves vital affordable housing in Atlanta.
The garden style apartments range from two to five bedrooms, as well as a tower of one bedrooms. A $16.5 million renovation of the property is planned, encompassing reactivation of unused community space, as well as new LVT flooring, new kitchens, bathrooms, appliances, low-flow plumbing fixtures and LED light fixtures.
Jonathan Rose Companies’ Brandon Kearse says, “Our development and investment renews the HAP contract covering 154-units for 20 years, and preserves the affordability of all units at a mix of 40%, 60% and 80% AMI levels through the new LIHTC income-averaging set-aside program for the next 30 years.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition