NEW YORK CITY—TIAA-CREF and Jonathan Rose Cos. said they have launched the Rose Affordable Housing Preservation Fund LLC. The $51.6 million fund—seeded by the two firms—has been established in order to acquire affordable and mixed-income multifamily housing in high demand markets across the US.

The fund, which will be managed by Jonathan Rose Cos., is intended to improve and “green” the assets through high impact/low cost energy retrofits as well as hands-on asset management that will reduce/control expenses and enhance tenant quality of life. It will focus on the Washington, DC-to-Boston corridor, Chicago, Denver, Los Angeles, San Francisco, Portland and Seattle markets. The goal is to combine solid, risk-adjusted return potential with an integrated social and environmental mission.

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