Jonathan Rose Companies has acquired Crosstown Parkway Apartments, a 201-unit, affordable housing community designated for senior residents located at 550 W Crosstown Parkway in Kalamazoo, Michigan, for $20.5 million.
The transaction marks the fifth acquisition for the Rose Affordable Housing Preservation Fund VI and grows the firm’s Michigan portfolio to 16 communities. Jonathan Rose Companies acquired the property from Medallion Management, Inc., a Michigan-based owner and operator. The sale was arranged by Neal Wolf from Performance Real Estate Advisors. Medalion will remain in place as property manager following the transaction.
Jonathan Rose Companies will be undertaking an $8.6 million rehabilitation of the property. “With well over a dozen properties across Michigan, we’ve developed a deep understanding of the region’s affordable housing landscape, and Crosstown Parkway represents exactly the type of community we aim to preserve,” said Max Jawer, Managing Director of Acquisitions at Jonathan Rose Companies…