LOS ANGELES, CA - JRK Property Holdings will continue to be an aggressive buyer of multifamily assets in 2017, following $900 million of transaction activity in 2016. An institutional investor with $5 billion in assets under management and almost $1 billion of equity in deployment, JRK acquired seven apartment communities totaling 2,343 units in 2016 representing an increase of 27 percent over the previous year. With a portfolio of more than 32,000 units, JRK ranks among the nation’s 50-largest apartment owners.
“We remain confident the multifamily sector will outperform other asset classes in 2017,” said JRK Senior Vice President and Head of Acquisitions James Bloomingdale. “Following a brief lag, we expect that cap rate expansion reacting to higher interest rates will provide a more compelling investment basis nationally.”
The seven multifamily properties JRK acquired in 2016 were as follows:
Arbor Oaks, Boca Raton, FL, 360 units
Avalon Essex, Peabody, MA, 154 units
Trillium Heights, Silverdale, WA, 225 units
Montage, Citrus Heights, CA, 636 units
The Vue, Portland, OR, 308 units
Enclave at Adobe Creek, Petaluma, CA, 492 units
Rancho Solana, Oxnard, CA, 168 units
Investing in multifamily properties for more than a quarter of a century JRK pursues “value-add” properties in under-served markets that can be physically and operationally repositioned to deliver superior returns to its investors.
“Declining homeownership rates and more-restrictive home-mortgage underwriting standards have made quality-apartment living more valuable to a growing number of upwardly mobile and increasingly discerning Americans,” explained Bloomingdale.
JRK also sold six properties in 2016, all in Texas. The assets were as follows:
Retreat at Cinco Ranch, Katy, TX, 268 units
Brant Rock, Houston, TX, 84 units
Hampton Greens, Dallas, TX, 309 units
Fountains at Katy, Houston, TX, 316 units
Villages of Copperfield, Houston, TX, 964 units
Langtry Village, New Braunfels, TX, 142 units
About JRK Property Holdings: Founded in 1991 by Jim Lippman, JRK Property Holdings has $5 billion of assets under management. The JRK portfolio includes more than 32,000 multifamily units nationally, as well as luxury and flagged hotels. In 2008, JRK joined the National Multifamily Housing Council’s NMHC 50, the largest 50 apartment-owners in the nation.