Jonathan Rose nabs Bronx apartment project for $64M

Affordable building buy follows close of $525 million impact acquisition fund

Jonathan Rose and 350 St. Ann’s Avenue (Google Maps)
Jonathan Rose and 350 St. Ann’s Avenue (Jonathan Rose Companies, Google Maps)

Jonathan Rose Companies has purchased an affordable housing apartment building in the Bronx for $64 million, just weeks after closing a massive “impact acquisition” fund.

The New Rochelle–based firm bought the 190-unit building at 350 St. Ann’s Avenue from Omni New York, records show. Jonathan Rose Companies secured a $53 million mortgage from Merchants Capital to acquire the property.

The property was last purchased in 2004 for $15.5 million, according to PropertyShark.

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Jonathan Rose Companies closed on a $525 million impact acquisition fund in October. The fund is focused on acquiring and preserving affordable multifamily housing and on reducing environmental impacts and operating costs.

The company has offices in New York, Connecticut, Colorado, Colorado, Ohio and California and has developed or acquired more than $3.2 billion of real estate. Jonathan Rose Companies owns and manages about 15,000 units of affordable housing, according to an October press release.

In April, the firm bought a large affordable-housing building on the Upper West Side for $94 million.