Jonathan Rose Cos. purchases affordable housing business
Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The business includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group.
The acquisition will bring Jonathan Rose Cos. total unit count more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management, and the mortgage company will be renamed Rose Community Capital.
The deal is part of Forest City’s efforts to shed parts of its portfolio during the next two to three years, in order to focus on market-rate apartments and office space. The plan was announced in August 2016. The Cleveland-based R