Rose development fund closes at $40 million

September 23, 2009 11:59AM

Jonathan Rose Companies’ fund Rose Smart Growth Investment Fund I closed yesterday at nearly $40 million, according to a press release from the company. The fund, formed in 2006, was the first to focus on buying real estate in transit-heavy communities and renovating those assets in environmentally friendly ways, the statement says. The redevelopment projects include a 198-unit apartment complex at 107-145 West 135th Street in Harlem and Tapestry, a 185-unit building 245 East 124th Street, East Harlem’s first LEED-certified rental building, according to Warburg Realty, which is marketing Tapestry. Jonathan Rose, president of Jonathan Rose Companies, said that the fund has shown consistent positive growth throughout its lifetime. “The fund has not only increased in value over the last few years, but has distributed a check every quarter to our investors from our properties’ cash flow,” Rose said. “All of the fund’s acquired assets experienced significant increases in occupancy levels and returns.” TRD