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Jonathan Rose buys La Posada Apartments in Santa Cruz for $85 million
The deal extends the property’s Project Based Section 8 Housing Assistance Payment contract through 2048, with federal support covering 122 of the 150 units.
Jonathan Rose Companies has acquired La Posada Apartments, a 150-unit mixed-income community at 609 Frederick St. in Santa Cruz, for $85 million, according to ConnectCRE.
The transaction is the ninth acquisition for the Rose Affordable Housing Preservation Fund VI and the firm’s second property in Santa Cruz.
Jonathan Rose acquired the apartment community to extend an existing Project Based Section 8 Housing Assistance Payment contract through 2048. ConnectCRE said the contract was set to expire in 2028 and provides federal support for 122 of the units.