Grace West Manor
Rose Green Cities Fund, LLC purchased Grace West Manor in 2013. Located in Newark, NJ, the 100% affordable property consists of one 12-story tower with 324 senior-designated units, and 21 townhomes with 105 family-designated units. The property presented an excellent opportunity for the Fund to acquire one of the area’s largest project-based Section 8 properties.
The Fund sought to create a vibrant, energy-efficient community for low-income seniors and families by addressing deferred maintenance items and completing green improvements, investing in health and safety improvements and rehabilitating the property’s community center. The Fund leveraged NJ weatherization programs to invest in energy reduction measures with immediate payback prior to a larger rehabilitation of the property. Upon turnover, units were upgraded as needed with green materials and ENERGY STAR appliances.
The Fund’s pinnacle improvement at the property was the rehabilitation of its community center, the Grace West Community House, which reenergized the community by providing multi-generational programming including after school programs, yoga classes, summer camps, health and wellness programs and holiday celebrations. This programming will continue under the property's new ownership.
The Fund closed on the sale of Grace West Manor to a LIHTC buyer in October 2018, which will allow for substantive transformation of the property.
Rose Green Cities Fund, LLC purchased Grace West Manor in 2013, located in Newark, NJ, the 100% affordable property consists of one 12-story tower with 324 senior-designated units, and 21 townhomes with 105 family-designated units.