New York City-based Jonathan Rose Companies, a leading owner of affordable and mixed-income housing, recently completed the acquisition of The Grove in San Jose for $102 million. The 331-unit market rate apartment complex was purchased from Nuveen Real Estate and marks Rose’s first acquisition in San Jose.
At closing, Rose entered into a 55-year regulatory agreement with the Bay Area Housing Finance Authority that sets income and rent restrictions at 80% of Area Median Income for all units. It also limits rent increases on restricted units to no more than 3%.
According to Nathan D. Taft, Chief Investment Officer at Rose, this transaction is part of their ongoing efforts over the past two decades to acquire well-located multifamily properties in select markets across the country. Despite challenging financial conditions, they are pleased to have successfully completed this deal.
The sale was brokered by Salvatore Saglimbeni from Institutional Property Advisors (a division of Marcus & Millichap). With this latest purchase, Jonathan Rose continues its commitment towards preserving affordable housing while also incorporating green initiatives into their portfolio.
