Jonathan Rose Acquires Boulder Affordable Housing Project for $56M

Jonathan  Rose  Companies has acquired San Juan  Del  Centro Apartments, a 150-unit affordable housing community in Boulder, Colorado, for $56 million.

San Juan  Del  Centro, originally built in 1971, serves families earning at or below 60% of Area Median Income (AMI) through Project-Based Section 8 and LIHTC programs. Affordability protections will be extended for an additional 20 years.

Jeff Irish and Jordan Skyles of Berkadia arranged the sale of the property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI.

The most recent renovation was in 2007. The new owner plans to complete additional renovations at the property, including upgrades to the community center. Winn Residential has taken over as the property manager.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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