Jonathan Rose Companies Acquires Crosstown Parkway Apartments In Kalamazoo For $20.5M With Freddie Mac Financing

Jonathan Rose Companies acquired Crosstown Parkway Apartments, a multifamily asset consisting of 201 units located at 550 West Crosstown Parkway in Kalamazoo, MI. The transaction was completed at a price of $20,500,000, reflecting a price per unit of $101,990. The acquisition included financing of $19.1 million from Freddie Mac, which was arranged by Berkadia. An $8.6 million rehabilitation plan is also part of the future investment in the property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,500,000
• Buyer: Jonathan Rose Companies
• Seller: Medallion Management, Inc
• Broker: Berkadia
• Lender: Freddie Mac
• Units: 201
• Price Per Unit: $101,990

Medallion Management will continue its role as the property manager following the acquisition. Additionally, the Section 8 contract has been renewed for a duration of 20 years, and the buyer plans to introduce additional resident services as part of the community enhancements.