Jonathan Rose Companies has acquired Crosstown Parkway Apartments, a 201-unit affordable housing community designated for seniors, located at 550 W. Crosstown Parkway in Kalamazoo, Michigan. The purchase price was $20.5 million.
This acquisition marks the fifth for the Rose Affordable Housing Preservation Fund VI and expands the firm’s Michigan portfolio to 16 communities. The property was purchased from Medallion Management, Inc., a Michigan-based owner and operator. Medallion will continue to serve as the property manager following the transaction. The deal was brokered by Neal Wolf of Performance Real Estate Advisors.
Jonathan Rose Companies plans to invest $8.6 million in rehabilitating the property.
“With well over a dozen properties across Michigan, we’ve developed a deep understanding of the region’s affordable housing landscape, and Crosstown Parkway represents exactly the type of community we aim to preserve,” said Max Jawer, Managing Director of Acquisitions at Jonathan Rose Companies.
