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Jonathan Rose Cos. bought Forest City Realty Trust’s affordable housing business in a deal valued at over $500M.
The sale transfers 8,500 units in 48 housing developments across seven states to Jonathan Rose, pushing the firm’s nationwide unit count over 15,000. Jonathan Rose said it aims to take each property through the Enterprise Green Community Program to reduce energy and water waste while increasing social programming at each site.
Forest City’s affordable housing management company will be renamed Rose Community Management, and the finance company will become Rose Community Capital. The sale is expected to close by the end of Q2.
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