Rose Smart Growth Investment Advisors has received an initial $145m (€138m) in capital commitments for its US affordable housing preservation fund.

The impact investment manager and affiliate of Jonathan Rose Companies said the fund will acquire and preserve affordable multifamily housing in select high-cost markets around the US.

It is the latest in a series of investment vehicles that acquire existing affordable housing that might otherwise be rented out at open market rates.

Nathan D Taft, CIO of Jonathan Rose Companies, said: “Despite a challenging fundraising environment, we believe that investors are seeing the financial results as well as the opportunity to reduce risk and have an impact—and that’s gratifying.”

Founded in 1989, Jonathan Rose Companies is a US developer and investor in sustainable, affordable, and mixed-income multifamily real estate.

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