WESTLAKE VILLAGE, CA - JRK Property Holdings through its multifamily value add funds has acquired five garden-style apartment home communities in Florida, Texas, Louisiana and Maine totaling more than 1,500 units for $390 million. These transactions round out a year with nearly $700 million in new acquisition transaction activity for JRK.
The separate transactions all closing in the fourth quarter include the 266-unit Edgewater Crossing in Panama City Beach, FL; 301-unit The Halstead in Houston, TX; 336-unit Heights at Hammond in Hammond, LA; and a two-property, 620-unit portfolio in South Portland, ME.
JRK, one of the largest multifamily landlords in the United States, acquired the properties, through its multifamily value-add funds: $800 million JRK Platform IV, which targets multifamily investments built after 1990; and its $330 million JRK MF Opportunities II, which targets assets built before 1990. The investment vehicles are funded with capital from institutional investors, high-net worth individuals, and family offices.
Edgewater Crossing is an institutional quality asset built in 2014. The low-density 20-acre property at 204 Potters Bluff Drive is less than one mile from the beach. Each of the 266 apartment homes, feature gourmet kitchen set ups with stainless steel appliances, vaulted ceilings, and walk in closets. The amenity package includes a zero-entry lagoon pool with waterfalls and hot tub, poolside grilling area with an outdoor fireplace, and large clubhouse with fitness center and business center. The property was 97% occupied at closing. Jimmy Adams, Craig Hey, Andrew Brown and Parker Caldwell in the Birmingham, AL office of Cushman & Wakefield represented both parties in the transaction.
JRK is planning to sustain its momentum into 2022, according to the President of JRK's investment division, James Broyer. "With over $5B of buying power from our two existing multifamily funds, our focus continues to be finding compelling opportunities across all vintages of properties in the majority of U.S. markets" Said Broyer.
About JRK Property Holdings: Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-added opportunities – investing in properties that can be repositioned to deliver sustainable, growing streams of cash flow. JRK's approximately $8 billion of investment capital is dedicated to a portfolio spanning 24 states with over 30,000 multifamily units, and luxury and flagged hotels.