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NEW YORK CITY-Jonathan Rose Cos. says it has closed its Rose Smart Growth Investment Fund I, described in a release as the nation’s first fund dedicated to acquiring income-producing real estate near transit or in walkable communities, and to transforming these assets with green renovation and management practices. The fund closed at nearly $40 million.

Company president Jonathan F.P. Rose says in a release that the fund, launched in 2006, “has not only increased in value over the last few years, but has distributed a check every quarter to our investors from our properties’ cash flow, validating our investment thesis that careful consideration of the environmental and social impacts of real estate is good for the bottom line. Two of the fund’s early investments are national models for successful green retrofits of occupied properties, and all of the fund’s acquired assets experienced significant increases in occupancy levels and returns.”

Approximately $30 million of the fund has been deployed to date on projects in smart growth markets across the country, according to a release. They’ve included 107-145 W. 135th St., a 198-unit multifamily redevelopment in Harlem; the green retrofit/upgrade of the 132,000-square-foot Joseph Vance and Sterling office buildings in Seattle; adaptive re-use of the Clipper Mill, a mixed-use project in Baltimore; the renovation and re-leasing of an historic retail building at 50 E. San Francisco in Santa Fe, NM; and the development of Tapestry, an 185-unit, mixed-income rental building under construction in East Harlem.

The firm’s acquisitions team, directed by Nathan Taft, continues to seek and evaluate new investments in class B historic office buildings and multifamily properties in cities with strong intellectual capital, diversified economies and robust mass transit, the release states. These markets include the Boston-to-Washington, DC corridor, Chicago, Denver, San Francisco, Portland and Seattle.

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