Jonathan Rose Cos. has acquired Belage Manor, a 180-unit senior housing community in Anaheim, California.
The firm partnered on the $41.25 million purchase with Jamboree Housing, a nonprofit affordable housing developer and builder based in Irvine, California,.
This marks the 12th deal to close into the Rose Affordable Housing Preservation Fund V. In addition, Capital One provided a $27.87 million Fannie Mae first mortgage loan as part of the government-sponsored enterprise’s new Enhanced Resident Services program.
Together, the fund and Jamboree will provide over $9 million ($50,000 per unit) to renovate the property, which last underwent a major renovation in 2008 when Jamboree first acquired the senior affordable housing community with another joint venture partner.
The team will partner with the Anaheim Housing Authority to design, scope, and oversee the renovation of the project, which will provide system improvements and energy-efficiency upgrades throughout the building and update the management and resident services offices. In addition, the renovation will reprogram the complex’s three interior community rooms and all exterior areas into spaces for the provision of “Communities of Opportunity,” offering best-in-class tenant educational, career, and enrichment services, said the firms.
“We are excited to partner with Jamboree to restore Belage Manor and bring high-quality, affordable, and environmentally sustainable housing to seniors in Anaheim,” said Brandon Kearse, managing director of acquisition-rehabilitation at Jonathan Rose Cos. “Our mission, brought to life through our ‘Communities of Opportunity’ program, is to ensure that residents not only have access to high-quality affordable housing, but can benefit from a range of services and amenities that enhance their quality of life.”
Rose Community Management will manage the development, and Jamboree will provide on-site resident services coordination and programming.
“Jamboree is thrilled to continue its relationship with the Anaheim Housing Authority and embark on a new joint venture partnership with a for-profit developer like Jonathan Rose Cos.,” said Michael Massie, Jamboree’s chief housing development officer. “There’s an alignment of mission to create and preserve affordable housing, specifically focused on the revitalization of this property for the seniors in Anaheim.”
He underscored that this collaboration also brings new opportunities for an enhanced level of on-site resident services so that seniors thrive as they actively age in place.