Affordable Housing Business Sells for $500M
Jonathan Rose Companies plans to buy Forest City Realty Trust’s entire affordable housing business. That includes Forest City’s affordable housing property management group and Forest City Capital Corporation, a lending company licensed to originate Federal Housing Administration loans.
The purchase, valued at $500 million, also brings the buyer 8,500 affordable apartments at 48 different rental communities, mostly built in the 1970s and 1980s. The deal will more than double the size of Jonathan Rose’s portfolio of affordable housing to over 15,000 apartments in 15 states and the District of Columbia.
The transactions are planned to close in the first and second quarters of 2017.
“Jonathan Rose Companies was selected to purchase this portfolio because of its long reputation of preserving, renovating and re-positioning affordable housing,” said Michael Daly, chief operating officer of Jonathan Rose, who was previously a Forest City executive.
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