Grace West

Originally constructed in 1977, Grace West Apartments is a 429-unit affordable housing community in Newark, New Jersey, consisting of a 325-unit senior high-rise and 104 family townhomes on a 15-acre campus. 

The property serves households earning up to 50% of Area Median Income and benefits from a long-term project-based Section 8 Housing Assistance Payments (HAP) contract.

The property was acquired in 2013 by the Rose Urban Green Fund (RUGF), a community investment fund focused on preserving and revitalizing affordable housing and other community assets. Between 2013 and 2018, RUGF invested approximately $4 million in strategic capital improvements, including construction of a new community center.

In 2018, the property was recapitalized through a Low-Income Housing Tax Credit (LIHTC) transaction and FHA financing, creating a new ownership structure led by Jonathan Rose Companies (“Rose”) and providing funding for a comprehensive $25 million rehabilitation completed in 2020. The renovation primarily modernized common areas, resident amenities, and building systems while significantly improving the property's energy efficiency and resiliency. The senior tower achieved Enterprise Green Communities certification following completion of the rehabilitation.

• Property Type: Affordable Senior & Family Housing
• Affordability: 100% Project-Based Section 8 (≤50% AMI)
• Building Area: 237,293 SF
• Recapitalization: LIHTC / FHA (2018)
• Major Rehabilitation: $25 million (completed 2020)
• Certification: Enterprise Green Communities (Senior Tower)

Over the past decade, Rose has complemented its physical investments with a comprehensive resident services program designed to support housing stability, health, and overall well-being. Programming has included youth and senior services, health and wellness initiatives, financial empowerment resources, educational programming, and community-building events, delivered in partnership with local nonprofit organizations and service providers. 

In 2023, Grace West entered its next chapter when the Enterprise Renters Wealth Creation Fund joined the ownership structure, expanding the property’s resident services programming with innovative wealth-building initiatives designed to help residents strengthen their financial well-being. Initiatives include cash-back rewards for on-time rent payment and a capital proceeds sharing program that will provide long-term residents with an opportunity to share in a portion of the property’s appreciation upon a future capital event, such as a sale or refinancing. 

Two full-time Resident Services Coordinators work in close collaboration with the property management to implement these programs, connecting residents with resources that support long-term stability and opportunity.