BROOKLYN, NY – Jonathan Rose Companies, one of the country’s leading developers and investors in sustainable, affordable and mixed-income multi-family real estate, The NHP Foundation (NHPF), a national not-for-profit leader in providing quality affordable housing to America’s working poor, seniors and families, along with Nuveen, the investment manager of TIAA, have bought Shore Hill Housing, a two-building, 558-unit HUD project-based Section 8 Housing complex located at 9000 Shore Road in the Bay Ridge section of Brooklyn for approximately $150 million from NYU Langone.

The property consists of two interconnected 14-tale towers totaling 414,127 square feet built in 1977 and set on 2.69 acres. The unit mix includes 325 studios and 233 one-bedrooms. 

The acquisition was financed by a $102 million Freddie Mac loan arranged through Prudential. The Rose Affordable Housing Preservation Fund IV, L.P. (“Fund”), along with joint venture non-profit partner, NHPF, and co-investor Nuveen, a TIAA Company, will invest $52 million of equity in the property. 

“Shore Hill is a near perfect match for our Fund and our firm’s capabilities,” said Nathan D. Taft, Partner and Managing Director of Acquisitions at Rose. “We are making a long-term investment to preserve an vital affordable housing property for seniors with a conventional debt and private equity execution,” added Joshua Plattner, who led this acquisition for Rose.

The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint, and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to drive capital into this Brooklyn neighborhood, preserving a significant number of affordable units and improving the living standards of the residents in these buildings,” said Pamela West, Senior Director with Nuveen’s impact investing team. “We look forward to continuing our efforts by investing in similar assets across the country for families and seniors.” 

Rose Community Management, an affiliate of Jonathan Rose Companies, will take over management of the community. The partnership between the Fund and NHPF will allow for an increased capacity to provide services to residents of the property. Operation Pathways, NHPF’s Resident Services affiliate will oversee the provision of services, which currently includes operation of a Community Center, onsite transportation services, and resident service coordination to connect residents to other local health, wellness, and support services. 

“Partnering with Jonathan Rose Companies for the first time provides a tremendous opportunity for both of our organizations to showcase our strengths,” said NHPF President & CEO Dick Burns. “We look forward to working together with them on other successful co-ventures.”

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STERLING HEIGHTS, MI – FOURMIDABLE, a diversified, national real estate management and brokerage company that specializes in managing market rate, affordable, public housing, senior, tax credit and condominium communities, was awarded the management contract for Van Dyke Apartments in Sterling Heights, Michigan. 

Van Dyke Apartments is being developed through the efforts of the Chaldean Community Foundation. Construction is scheduled to start in Spring of 2019, with G. Fisher Construction of Farmington Hills, Michigan as the general contractor.

Van Dyke Apartments will consist of a single four-tale building with approximately 130 units. There will be one and two-bedroom apartment homes and 3,000 square feet of commercial space on the first floor. The financing will be a complex blend of federal, state and local dollars with required compliance and oversight by multiple public agencies and authorities. Units will be a blend of market-rate and affordable units.

“FOURMIDABLE is proud to have been selected as the property management agent for this project and is pleased to be working closely with the Chaldean Community Foundation Board and the other companies involved in this project. We are looking forward to managing such an upscale community and providing the residents of Van Dyke Apartments with quality housing,” said Michael Schocker, President of FOURMIDABLE.   

“The Board of Directors, Staff and Clients of the Chaldean Community Foundation welcome FOURMIDABLE Management to the Development Team of the Van Dyke Apartments. Our 130-unit mixed-use and mixed-income community on the Clinton River in Sterling Heights will provide 200-plus residents a remarkable living environment that includes retail in the building, as well as fitness, yoga studio, movie room and outdoor amenities. We appreciate the partnership with FOURMIDABLE, a firm that has deep experience in property management and a strong record of work with the Chaldean Community,” said Martin Manna, Director of the Foundation.

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LAS VEGAS, NV – Haven Realty Capital, a Los Angeles-based real estate investment and asset management firm has sold The Grove apartments for $34,500,000 or about $135,000 per unit.  The Grove is a well-located asset on the outskirts of Summerlin along interstate 95 in northwest Las Vegas.

Vittal Ram, Curt Allsop, Angela Bates and Doug Schuster with Newmark Knight Frank represented both the buyer and seller.

Haven bought the property in August 2016 as an REO and undertook a significant repositioning of the property. The interior of the clubhouse was demolished and rebuilt to allow for a more open floor plot and a larger fitness center. The exterior façade of the property was repaired and painted in a multi-tone color palette.  A firepit and grilling station were added to the pool area, along with a dog park to provide tenants with more amenities. The property was rebranded as The Grove with a new monument sign installed at the entrance.

In addition to the exterior renovations, 50% of the interior units was upgraded with faux-wood flooring, stainless steel appliances, grey two-tone paint, new modern counter tops, new cabinet faces and brushed nickel lighting and plumbing fixtures.

“Haven has been able to generate above market returns for investors by acquiring, renovating and stabilizing distressed and underperforming assets through intense operational management,” stated Sudha Reddy, Managing Principal of Haven Realty Capital. “It started with our investment in the single-family rental industry and we’ve been able to carry over that same operational oversight to the multifamily sector.”

“We identified the Las Vegas market as a growth market early before the institutional equity had arrived. The Grove benefited from its proximity to the Summerlin sub-market and the improving demographics along the Rainbow corridor,” added Chris Turitto, Vice President of Acquisitions at Haven Realty Capital.

The Grove was built in 1989 and is situated on 13.5 acres of lush green landscape. Located at 2901 N Rainbow Blvd in northwest Las Vegas, the property consists of 15, two-tale buildings comprised of one- and two-bedroom units. The property amenities include a 24-hour fitness center, completely renovated clubhouse, firepit and grilling station next to the pool, and a dog park.

The lead broker on the transaction, Vittal Ram, stated, “The Grove presented investors with the opportunity to buy a really solid asset in an improving sub-market with some additional upside left from renovating the remaining 50% of the units. Haven did a fantastic job taking an underperforming property and transforming it into a solid B+/A- apartment community. We saw strong demand while marketing the property and the buyer is very pleased with asset they bought.”

Las Vegas is in the midst of a strong recovery from the economic downtown that crippled the city. With the addition of two professional sports franchises, the Vegas Golden Knights of the NHL and Las Vegas Raiders of the NFL, the city has been diversifying its economic base away from gambling and hospitality. Las Vegas continues to solidify its position as a premier entertainment destination. The business-friendly environment has also been a strong driver of increased job growth in the region.

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