Jonathan Rose Cos. buys affordable California property for $223m

Rose Affordable Housing Preservation Fund V, Jonathan Rose Cos.’ fifth and newest affordable housing-preservation fund, has acquired Kings Villages Apartments, a 313-unit LIHTC family home property regulated by HUD and Section 8 and Section 42 LIHTC located at 1141 North Fair Oaks Avenue in Pasadena, Calif., for $223 million. The seller, Fresno-based Affordable Housing Development Corporation, was represented by CBRE.

The property consists of 58 residential buildings, with a mix of garden-style apartments and one-, two-, three-, and four-bedroom townhomes. Community amenities include a clubhouse, swimming pool, on-site laundry, two playgrounds, a basketball court, and leasing office.