Brandon Kearse Of Jonathan Rose Companies Acquires 150-Unit Multifamily Property For $85M In Santa Cruz

The property involved in this transaction is the 150-unit La Posada Apartments located at 609 Frederick Street in Santa Cruz, CA. The asset was acquired for $85 million, with a price per unit of $566,667.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $85,000,000
• Units: 150
• Buyer: Brandon Kearse - Jonathan Rose Companies
• Brokers: Tyler Martin & Mason Campau - Newmark

Brandon Kearse represents Jonathan Rose Companies in this acquisition, marking their second property purchase in Santa Cruz and the ninth acquisition for the Rose Affordable Housing Preservation Fund VI. The acquisition extends the property’s Project-Based Section 8 HAP contract through 2048, with Newmark facilitating the acquisition financing and Winn Residential managing the property.