New York reasonably priced housing firm buys Ashtabula Towers | Native information
ASHTABULA – An affordable housing company has acquired Ashtabula Towers for $ 6.2 million, according to the Ashtabula County’s auditor website.
RCH Ashtabula Preservation LLC, the Jonathan Rose Companies of New York, NY, is the new owner of the low-income senior housing complex at 325 W. 48th St.
County auditor David Thomas said the transportation tax collected was $ 24,600 on the sale.
“This sale is another good example of our growing real estate market,” he said. “Our previous value for this property based on the 2014 revaluation was $ 2.7 million.”
County Commissioner JP Ducro IV said it was always encouraging to see businesses invest in our community.
“Hopefully they will update this important residential complex in the heart of downtown Ashtabula as needed,” he said.
Built in 1976, the 14-story property is located in downtown Ashtabula and has 202 apartments.
Ashtabula Towers is HUD regulated and HUD residents typically pay 30 percent of their gross income for rent. The rental amount minus any approved HUD deductions such as medical and childcare costs and other allowances includes a utility allowance.
They own more than 12,000 affordable and mixed income homes, according to the Jonathan Rose Companies website.
The Jonathan Rose Companies has “bought affordable mixed income apartment buildings in transit or walk-through locations while maintaining affordability, improving economic and environmental performance, and improving the lives of their residents. We buy real estate directly or work in a joint venture with local partners who share our vision and our commitment to making an impact, ”says the company’s website.
Calls to the Jonathan Rose Company were not returned on Thursday.
John Roskovics, President of Ashtabula City Council, hopes the new owners will invest in the towers so they can continue to serve the area’s residents.
“The towers provide a good living space for many and are an important part of our inner city,” he said. “Any investment that improves our city and improves conditions for our citizens is valued.”