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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).