New York City-based investment firm Jonathan Rose Cos. has acquired San Juan del Centro Apartments in Boulder from Related Cos. for $56 million.
Jeff Irish and Jordan Skyles of Berkadia arranged the sale of the Section 8 and LIHTC property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI.
San Juan del Centro’s 150 units are reserved for families earning at or below 60 percent of the area median income. Jonathan Rose Cos. assumed the existing Section 8 Housing Assistance Payment contract, which was set to expire in 2026, and will extend the property’s affordability for an additional 20 years.
The unit mix consists of one- through four-bedroom floor plans. The new owner plans to complete additional renovations at the property, including upgrades to building systems and unit interiors, improvements to the community center and energy-efficiency enhancements aimed at achieving Enterprise Green Communities (EGC) certification. In addition to physical improvements, the firm will also be adding two full-time resident services coordinators. Winn Residential has taken over as property manager.
Jonathan Rose Companies values are deeply felt, commonly shared aspirations that we endeavor to live by. We aspire to apply these values to all of the social, environmental, financial and organizational issues we face. Our values define the culture from which our company grows, informs our relations with our residents, funders, contractors, suppliers and others and serve as guiding principles in how we operate. We continually seek ways to improve our work and ways of working, to learn from our past and current work, so that our systems, processes, specifications, training methods and other ways of guiding our work become more intuitive, informed, efficient, and effective.
