JCR Capital, based in Denver, recently announced investing in two apartment communities, one in Savage, Md., and a second in Hurst, Texas, for a combined total of $50 million. JCR teamed up with Blue Ocean, based in Baltimore, and Edison Equity Partners out of Dallas. The investments mark the kickoff of JCR’s new fund.
“We are hyper-selective in our choice of sponsors, so we are thrilled to make these investments with Blue Ocean and Edison Equity—seasoned partners who know how to identify high-quality value-add opportunities,” said Jay Rollins, president and CEO of JCR Capital.
Investment No. 1 is the River Front Apartments in Savage, which is about halfway between Washington D.C., and Baltimore. The gated, waterfront community includes 144 units in 14 two-story buildings and 220 surface parking spaces. Floor plans include one-, two-, and three-bedrooms units ranging from 940 to 1,180 square feet. The community was built in 1974 and now belongs to Blue Ocean. The funds will be used to install in-unit washers and dryers and renovate common areas.
Heritage Village is located in Hurst, which is in between Fort Worth and Dallas. The 120-unit, age-restricted apartment community for the 55 and older age group was acquired by Edison Equity Partners. Heritage Village was built in 2013 and is comprised of one four-story mid-rise building and 10 two-bedroom cottages, totaling 2.3 acres, with carports and garages.
“These investments are reflective of JCR Capital’s long-term strategy to invest in middle-market real estate, an underserved segment of the market, which we believe provides attractive risk-adjusted returns for our investor,” said Rollins.