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A JRC-led JV Plans to Green Its Newly-Purchased Affordable Alexandria Apartment

ALEXANDRIA, VA-It acquired Lafayette Apartments for $39 million and plans to invest another $6 million in greening and capital improvements.

By Erika Morphy | erikamorphy | | Updated on July 06, 2016
Lafayette Apartments Lafayette Apartments

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.

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