JRK Property Holdings has acquired two multifamily communities in Houston and St. Louis in separate transactions valued at nearly $81.5 million.
The Los Angeles-based real estate investment firm purchased the assets through its newest multifamily value-add funds: the $800 million JRK Platform VI, which targets assets built after 1990, and the $300 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.
Built in 2007, Carrington Park at Gulf Pointe in Houston includes 258 apartments in 10 three-story buildings on a 16-acre site 15 miles southeast of downtown. Fieldpointe of St. Louis, built in 1969, includes 260 apartments and 48 townhomes in the suburb of Maryland Heights. Collectively, the apartment communities are 96% occupied.
These two transactions follow JRK’s completion of its 4,061-unit multifamily portfolio sale of 12 communities located in California, Colorado, Florida, Georgia, North Carolina, Ohio, and Texas. The properties had been part of JRK’s portfolio for the past decade, with 11 being sold to Blackstone and one to Davlyn Investments. This sale capped off an active 2020 for the firm, with nearly $2 billion in transaction volume.
JRK is looking forward to an active year in the multifamily space.
“We have an ambitious goal of $1.6 billion in acquisitions in 2021,” said James Broyer, president of JRK’s investment division. “With close to $5 billion of buying power from our two existing multifamily funds, our focus is finding compelling opportunities across all vintages of properties in the majority of U.S. markets.”
