SAN JOSE — A real estate firm that’s on a mission to preserve affordable rental housing has bought a big San Jose apartment complex in a deal that tops $100 million.
The Grove, an apartment complex at 1919 Fruitdale Avenue in San Jose, has been bought for $102 million by an affiliate of Jonathan Rose Cos., according to documents filed on Nov. 30 with the Santa Clara County Recorder’s Office.
New York City-based Jonathan Rose Cos. is described as a company that specializes in owning and developing affordable and mixed-income housing nationwide.
The Jonathan Rose firm bought The Grove apartments in San Jose through an affiliate called 1919 Fruitdale Preservation.
The price the company paid was about 4.1% below the $106.4 million assessed value of the apartments as of early 2023, county real estate records show.
“We seek well-located, transit-accessible assets in high-demand urban markets across the country,” the company states in a post on its website.
The just-bought apartment complex was built in 1970. It consists of a series of three-story buildings.
Jonathan Rose Cos. owns more than 19,000 units around the country.
“Our mission is to create a more environmentally thriving, socially just world through the development, preservation, renovation and management of green, affordable and mixed-income housing,” Jonathan Rose Cos. says in a website post.