Jonathan Rose Cos. Adds More Senior Housing in SoCal

The investment firm paid $41.25 million for the 180-unit Belage Manor senior apartments in Anaheim

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Jonathan Rose Companies is growing its senior housing portfolio in Southern California with another renovation plan.

The investment firm paid $41.25 million for the 180-unit Belage Manor senior apartments at 1660 West Broadway in Anaheim. In a partnership with nonprofit affordable developer Jamboree Housing Corporation, the new owner will spend $9 million to renovate the property, which hasn’t been updated since 2008.

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Capital One provided a $27.87 million Fannie Mae first-mortgage loan. It’s the 12th deal to close in the Rose Affordable Housing Preservation Fund V.

Rose Community Management will manage the community, and Jamboree will provide onsite resident services.

“There’s an alignment of mission to create and preserve affordable housing, specifically focused on the revitalization of this property for the seniors in Anaheim,” said Michael Massie, Jamboree’s chief housing development officer.

Occupancy rates for senior housing properties around the country have been rebounding from the pandemic lows of 2020, but they remain far below pre-pandemic levels. However, the oldest baby boomers are about to hit their 80s, the median age for people to enter senior housing, and experts expect a continued uptick.

Jonathan Rose Companies has approximately 18,000 units in 17 states in its portfolio. In 2020, the company was part of a $103 million joint venture that acquired a different senior housing complex in the city of Torrance, Calif., in Los Angeles County. The company has developed or acquired more than $3.2 billion of real estate since it was founded in 1989.

Irvine-based Jamboree has $1.1 billion in affordable housing projects in its development pipeline and a portfolio value of $3.2 billion that includes the development of or ownership interest in more than 10,000 homes in more than 100 California communities.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.