Jonathan Rose Companies Acquires San Jose Multifamily Property For $102M

New York's Jonathan Rose Companies has acquired The Grove, a 331-unit market-rate apartment complex located at 1919 Fruitdale Avenue in San Jose. The property was purchased from Nuveen Real Estate for a total of $102 million. The transaction includes a 55-year regulatory agreement that limits income and rent to 80% of the Area Median Income, with a maximum 3% rent increase. This marks Jonathan Rose Companies' first acquisition in San Jose.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $102,000,000
• Address: 1919 Fruitdale Avenue
• Market: San Jose
• Buyer: Jonathan Rose Companies - Nathan D. Taft
• Seller: Nuveen Real Estate - Mike Sales
• Broker: Salvatore Saglimbeni - Institutional Property Advisors - Marcus & Millichap
• Units: 331
• Price per Unit: $308,157

The transaction was facilitated by Salvatore Saglimbeni of Institutional Property Advisors, representing Nuveen Real Estate. Nathan D. Taft, also from Jonathan Rose Companies, served as the buyer's representative. This deal not only signifies a significant transaction for both parties involved but also demonstrates Jonathan Rose Companies' commitment to expanding its real estate portfolio in San Jose.