Jonathan Rose Makes Second Acquisition in Santa Cruz
Jonathan Rose Companies has acquired La Posada Apartments, a 150-unit, mixed-income community located at 609 Frederick St. in Santa Cruz. The $85-million transaction marks the ninth acquisition for the Rose Affordable Housing Preservation Fund VI and the firm’s second property in Santa Cruz.
In line with its longstanding mission to preserve existing affordable housing, Jonathan Rose Companies acquired the property to extend until 2048 the existing Project Based Section 8 Housing Assistance Payment (HAP) contract which provides federal support for 122 of the units. The contract was set to expire in 2028.
“Preserving affordable housing means more than keeping rents affordable,” said Brandon Kearse, president and CIO at Jonathan Rose Companies. “It means making sure these communities remain places where people can live well, build stability and access the resources needed to support them along the way”
Rose acquired the property from the original developers, who have owned and operated La Posada since 1980. The sale was arranged by Tyler Martin and Mason Campau from Newmark’s Affordable Housing Advisors, and the acquisition was financed with a loan arranged by Newmark. Winn Residential has taken over as the property manager.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout