NEW YORK CITY—TIAA-CREFand Jonathan Rose Cos. said they havelaunched the Rose Affordable Housing Preservation Fund LLC. The$51.6 million fund—seeded by the two firms—has been established inorder to acquire affordable and mixed-income multifamily housing inhigh demand markets across the US.
The fund, which will be managed by Jonathan Rose Cos., isintended to improve and “green” the assets through high impact/lowcost energy retrofits as well as hands-on asset management thatwill reduce/control expenses and enhance tenant quality of life. Itwill 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 withan integrated social and environmental mission.
The Rose Affordable Housing Preservation Fund leverages theexperience of Jonathan Rose Cos. as a national developer, investorand fund manager with deep experience in green, urban affordableand mixed-income housing. TIAA-CREF's investment builds on asuccessful prior investment with the company. Jonathan Rose Cos.'relationships include other major financial institutions as well asleading foundations and family offices.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
