Jonathan Rose Cos. announced it has acquired two affordable seniors housing communities, Lakeland Place Apartments and Bowin Place Apartments in Detroit, Michigan, for a combined purchase price of $16.2 million, or $41,200 per unit. The two communities comprise a total of 393 units and sit within 20 miles of each other. Capital One provided HUD financing for both communities. Rose Community Management will manage the assets, and Rose Community Builders will oversee more than $15 million of renovations.
Built in 1978 and comprising 200 units with one- and two- bedroom floorplans ranging between 550 and 760 square feet, Lakeland Place Apartments of Waterford sold for $8.2 million to a joint venture between Jonathan Rose Cos. and Community Opportunity Fund. Capital One originated a $16.4 million loan for this acquisition.
Also built in 1978, Bowin Place comprises 193 units with one- and two-bedroom floorplans, ranging from 575 to 1,050 square feet. Bowin was acquired in a joint venture with Community Opportunity Fund and Huntington National Bank for $8 million. The property is also subject to an $11.1 million loan originated by the Michigan State Housing Development Authority in July.
