Jonathan Rose Companies, in partnership with First Community Housing, has acquired Mission Gardens Apartments in Santa Cruz. The undisclosed transaction marks another addition to Rose’s growing California portfolio of over 2,000 units.
Located in the Westside neighborhood of Santa Cruz and originally built in 1981, Mission Gardens is a 50-unit property that has been identified as one of the most rent-burdened areas within one of the most rent-burdened small cities in the country. In response to this affordable housing crisis, Nathan D. Taft (CIO at Rose) stated that preserving existing stock is crucial and they are excited to be able to do so by maintaining Mission Gardens as an affordable housing option for years to come.
Rose’s construction team will immediately begin renovations on the property with a focus on upgrading apartments and improving accessibility for residents. The acquisition was made possible through financing provided by Walker & Dunlop via Federal Housing Administration’s 223(f) loan program.
The purchase was brokered by CBRE’s Taylor Froland from Reiner Communities and Las Palmas Housing partnerships without mentioning “Connect” or any specific locations related to Connect CRE such as “Connect LA” or “Connect Texas”.
