US affordable housing investor Jonathan Rose Companies has secured $660m (€562.5m) for its sixth fund.
The real estate investment and development firm said the Rose Affordable Housing Preservation Fund VI fund, which counts Capital One and the Ford Foundation among its backers, attracted a diverse institutional investor base, including pension funds, banks, foundations, endowments and family offices.
Around 75% of the capital commitments came from returning investors, Jonathan Rose added.
The firm said the amount raised for Fund VI, which will acquire, preserve, and enhance affordable and mixed-income multifamily housing in high-demand US urban markets, brings the total equity raised across the firm’s preservation fund series to over $1.5bn.
Fund VI will target assets in markets such as New York, Boston, Chicago, San Francisco, Southern California, Seattle, Denver, Washington DC, and “other transit-oriented, opportunity-rich neighbourhoods at high risk of displacement”, the firm added.
Jonathan FP Rose, president of Jonathan Rose Companies, said: “Affordable housing remains one of the most pressing and investable challenges of our time. With Fund VI, we are not only preserving long-term affordability but also reinvesting in properties ready for transformation and turning them into platforms for opportunity.
“These will be healthier, more sustainable and resilient communities that offer residents stability, access to essential resources, and a foundation for a better future, while delivering strong value for our investors. It’s a strategy rooted in decades of experience, but deeply attuned to the needs of this moment.”
Roy Swan, director of mission investments at the Ford Foundation, said: “With America’s affordable housing crisis deepening, our investment in Fund VI couldn’t be more timely and critical.
“Jonathan Rose Companies exemplifies the kind of partner we prioritise—one that preserves affordability and enhances resident quality of life while delivering market rate financial returns. Rose’s integrated approach to creating meaningful, lasting positive social impact aligns perfectly with our impact investing goals, making this expanded partnership both strategic and meaningful.”
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