Jonathan Rose Cos., which has an office in Manhattan Beach, purchased the property using its Rose Affordable Housing Preservation Fund V.
The property, known as Kings Villages Apartments, was sold by Affordable Housing Development Corp., which purchased the property in 2000 for $25 million. Built in 1971, it has 313 units and is located at 1141 N. Fair Oaks Ave.
The property has a mix of one-, two-, three- and four-bedroom garden-style and townhome apartments. Amenities include a clubhouse, swimming pool, on-site laundry facility, two playgrounds, a basketball court and leasing office.
“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,” Nathan Taft, senior managing director of acquisitions at Jonathan Rose Cos., said in a statement.
Jonathan Rose Cos. plans to provide on-site services for residents and to add classrooms with computers, health and wellness rooms, exercise areas and gardens.
“We were impressed by the support from local stakeholders and look forward to investing in the community in ways that benefit both current and future residents,” Chloe Unger, associate director of acquisitions at Jonathan Rose Cos., said in a statement.
Rose Community Management, an affiliate of Jonathan Rose Cos., is managing the property.
Kings Villages Apartments isn’t the only large apartment complex to trade hands in Pasadena in recent months.
Newport Beach-based Waterford Property Co. and the California Statewide Communities Development Authority have been particularly busy in the area, acquiring properties to convert to workforce housing.
Earlier this month, the two announced the purchase of the 105-unit Theo at 289 N. El Molino Ave. from Summerhill Apartment Communities for $67 million.
Waterford, which is serving as project administrator for the property, will lower rents for residents making between 60% to 120% of the area median income.
This summer Waterford and California Statewide Communities Development Authority purchased Residences at Westgate and Hudson for a combined $335.1 million.
Residences at Westgate is a 340-unit community at 31 S. DeLacey Ave. It sold for $237 million.
Hudson, with 173 units, is at 678 E. Walnut St. and was purchased for $98.1 million.
Both properties have some retail space.
