Forest City Realty Trust’s Affordable Housing Business has been bought by the Jonathan Rose Cos. in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states totaling 8,500 units, Forest City Capital, an MAP designated FHA Lender and Forest City’s affordable housing property management group. The purchase gives Jonathan Rose Cos. more than 15,000 units nationwide and expands its operations to 15 states and the District of Columbia. The transactions are scheduled to close by the second quarter of 2017, while the management company and Forest City Capital are scheduled to be transferred this month. This expansion allows the company to add a Cleveland office, where it will retain Forest City’s property management team as well as its entire field staff for the portfolio.
“Jonathan Rose Cos. was selected to purchase this portfolio because of its long reputation of preserving, renovating and re-positioning affordable housing and Forest City Realty Trust’s ongoing relationship with the firms’ principals,” said Michael Daly, COO of Jonathan Rose Cos.
