ALEXANDRIA, VA-Jonathan Rose Cos., a New York City-based real estate developer, has acquired Lafayette Apartments for $39 million via its Rose Affordable Housing Preservation Fund. This is a managed fund sponsored by JRC, in partnership with The Community Development Trust and AHC, a local nonprofit affordable housing developer and owner.
The seller is Eagle Point Cos., which will remain as property manager for the complex.
The new joint venture owners plan to invest $6 million in a greening and capital improvement program that includes repairs and renovations for the 340-unit housing complex next year, without raising tenants' rents, they said in a press release.
The Lafayette Apartments is located along a major thoroughfare in the Groveton submarket of Fairfax County.
The 32-building garden-style complex was originally constructed in 1966 on a 17-acre site. It last underwent a renovation program funded by Low Income Housing Tax Credits in 2003. The owners plansto pursue Enterprise Green Communities certification under the moderate rehab pathway that is based on energy efficiency upgrades, water conservation measures, and other initiatives such as onsite gardening with scheduled community events, and education centered on healthy living initiatives.
This is the sixth acquisition by the Rose Affordable Housing Preservation Fund, which plans to green and preserve over 1,800 units of affordable housing in the US. The fund says the strategy will deliver strong risk-adjusted returns.
JRC was not able to return a call to GlobeSt.com in time for publication.
ALEXANDRIA, VA-Jonathan Rose Cos., a
The seller is Eagle Point Cos., which will remain as property manager for the complex.
The new joint venture owners plan to invest $6 million in a greening and capital improvement program that includes repairs and renovations for the 340-unit housing complex next year, without raising tenants' rents, they said in a press release.
The Lafayette Apartments is located along a major thoroughfare in the Groveton submarket of Fairfax County.
The 32-building garden-style complex was originally constructed in 1966 on a 17-acre site. It last underwent a renovation program funded by Low Income Housing Tax Credits in 2003. The owners plansto pursue Enterprise Green Communities certification under the moderate rehab pathway that is based on energy efficiency upgrades, water conservation measures, and other initiatives such as onsite gardening with scheduled community events, and education centered on healthy living initiatives.
This is the sixth acquisition by the Rose Affordable Housing Preservation Fund, which plans to green and preserve over 1,800 units of affordable housing in the US. The fund says the strategy will deliver strong risk-adjusted returns.
JRC was not able to return a call to GlobeSt.com in time for publication.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
