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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.
- ◦Sale/Acquisition
