Jonathan Rose Companies: Juanita Nolasco Residences
Juanita Nolasco Residences is a 188-unit Senior Section 8 property acquired by Jonathan Rose Companies in December 2017. The property was constructed in the early 1970’s by the Good Americans Organization.
Jonathan Rose Companies was established in 1989 as a mission-based, fully integrated national real estate development and investment firm. Since their founding, they set out to focus on creating projects that integrate with environmental and social responsibility. Central to this effort has been acquiring and developing affordable, mixed-income housing nationally and creating communities that are green, vibrant, and inclusive.
MoreJonathan Rose Companies utilized an equity investment and Freddie Mac Green Advantage loan to acquire the property. This reduced the interest rate and allowed the project to underwrite a portion of projected energy and water cost savings. In addition, the team worked with Denver’s Office of Economic Development to extend the affordability covenants at the property from 20 years to 60 years and deepen the affordability to reserve units for more low- and very-low-income households in exchange for a $2.6 million soft loan that funded a 2019 rehabilitation. Affordability was expanded from 86% of units restricted to households earning 60% of Area Median Income (AMI) and 14% of units restricted to households earning 50% of AMI to 71% at 60%, 14% at 50%, and 14% at 30% of AMI.
MoreThe project secured nearly $400,000 in incentives from Energy Outreach Colorado to implement a green retrofit that included full LED lighting replacements, installation of low-flow faucets, showerheads, and toilets, ENERGY STAR refrigerators and laundry equipment, and a new, high-efficiency, condensing hot water boiler plant. The package, which came to a net cost of $247,000, earned the project certification under Enterprise Green Communities and is expected to have a pay back period of under 6 years through utility savings.
Noteworthy upgrades include:
Electric
- Whole property LED lighting and controls
- ENERGY STAR Appliances in all units and common spaces
Gas
- Installed a high efficiency boiler plant
- Piping insultation and air sealing
Water
- Installed low-flow toilets, showerheads, and faucet aerators building-wide
- Enhanced water monitoring and leak detection
- Resident-run community garden on-site
- Rejuvenated common area spaces have led to greater participation in resident events such as: voter registration, food security registration, energy utility workshops and weekly coffee hours and movie nights
- Other new and improved spaces include a fitness room, expanded laundry room, wellness room and computer lab
- The renovation also led to the hiring of a Resident Services Coordinator (RSC) to help implement a multitude of social and environmental programs across the community
Annual Energy Use
Energy Savings:
