U.S. real estate development firm Jonathan Rose Cos., peer NHP Foundation and asset manager Nuveen, a subsidiary of financial services provider TIAA, formed a joint venture (JV) which purchased Shore Hill Housing, a two-building HUD project-based Section 8 Housing community in Brooklyn for approximately $150 million.
Located at 9000 Shore Road in the Bay Ridge section of Brooklyn, the community consists of two interconnected 14-story towers totaling 414,127 square feet situated on 2.69 acres. The buildings offer 325 studios and 233 one-bedrooms. The seller was New York-based academic medical firm NYU Langone.
Shore Hill Housing will undergo a vast capital improvement program, which will increase energy efficiency, reduce its carbon footprint and enhance the resident services as part of Rose’s Communities of Opportunity programming.
Jonathan Rose said that the acquisition is a great endorsement for its equity funds that enable the company to do preservation without low-income housing tax credit when necessary.