BOULDER — New York City-based investment firm Jonathan Rose Cos. has acquired San Juan del Centro Apartments in Boulder from Related Cos. for $56 million. Jeff Irish and Jordan Skyles from Berkadia Real Estate Advisors arranged the sale of the Section 8 and LIHTC property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI.
San Juan del Centro’s 150 units are reserved for families earning at or below 60 percent of area median income. Jonathan Rose Cos. assumed the existing Section 8 Housing Assistance Payment contract, which was set to expire in 2026, and will extend the affordability for an additional 20 years. The property was originally built in 1971 and was most recently renovated in 2007.
The unit mix consists of one- through four-bedroom floor plans. The new owner plans to complete additional renovations at the property, including upgrades to building systems and unit interiors, improvements to the community center and energy efficiency enhancements aimed at achieving Enterprise Green Communities (EGC) certification. In addition to physical improvements, the firm will also be adding two full-time resident services coordinators. Winn Residential has taken over as property manager.