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Kings Villages Apartments Sold to Developer for $233 Million

Published on Monday, November 29, 2021 | 11:48 am
 
The Rose Affordable Housing Preservation Fund V, the fifth and most recent affordable housing preservation fund from Jonathan Rose Companies, has acquired Kings Villages Apartments, a 313-unit LIHTC and HUD-regulated Section 8 and Section 42 LIHTC family housing property located at 1141 North Fair Oaks Avenue in Pasadena, CA.

Kings Villages Apartments, a 313-unit family housing property located at 1141 North Fair Oaks Avenue in Pasadena, has been sold to The Rose Affordable Housing Preservation Fund V, operated by New York-based developer Jonathan Rose Companies.

100% of the units at Kings Villages are low-income housing tax credit and HUD-regulated Section 8 and Section 42 LIHTC family housing.

Built in 1971, the property was sold by Affordable Housing Development Corp. for $223 million.

The property consists of 58 residential buildings with a mix of one-, two, three-, and four-bedroom garden-style and townhome apartments.

“The need for affordable housing preservation in Southern California is particularly acute, and since Kings Village represents an important community asset in Pasadena, we worked to close this complex transaction in record time,” said Nathan Taft, Senior Managing Director of Acquisitions at Jonathan Rose Companies.

Councilmember John Kennedy, who represents the district where the property is located, expressed hopes that the developer will fulfill its promises.

“They made a promise to enhance and maintain the clubhouse, on-site laundry facility, two playgrounds, basketball court, and leasing office.”

“We will stay vigilant to make sure that the new owners keep their promises,” Kennedy said.

Although the sale of the property was a private transaction, Kennedy said he will continue to support tenants’ rights to organize and have their concerns addressed, that 100 percent of the units remain low income and that every unit in the complex is maintained to the highest quality.

According to Kennedy, the land where Kings Villages Apartments stands was originally a part of the “servants quarters” neighborhood where people of color could buy property.

Kennedy recalled the site’s recent history.

“Neighbors were convinced to sell their individual historically significant single-family homes at a less than fair market price to make way for the development in and around 1971. For the remaining families, their homes were condemned and our neighbors forced to move.”

Kennedy said the King Villages Apartments was built on “sacred ground” and that must never be forgotten.

“The Jonathan Rose Company has a good reputation and I hope they will be great for our neighbors, partnering with seasoned locally established management, as an active member of our Pasadena community,” Kennedy added.

The buyer, The Rose Affordable Housing Preservation Fund V, is the fifth and most recent affordable housing preservation fund created by the Jonathan Rose Companies.

The fund spokesperson said it intends to deliver on its mission to provide “Communities of Opportunity” by implementing greening measures at the property and by collaborating with neighborhood-based organizations to provide on-site resident services, adding computer-filled classrooms, health and wellness rooms, exercise facilities, and community gardens.

Rose Community Management, an affiliate of the Jonathan Rose Companies, has taken over the management of the property, according to a company statement.

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