JRK Property Holdings has acquired five multifamily communities with more than 1,500 apartments in Florida, Louisiana, Maine, and Texas for $390 million. With these transactions, the Los Angeles-based real estate investment firm will finish 2021 with nearly $700 million in new acquisition activity.
The separate transactions were made through JRK’s multifamily value-add funds—the $800 million JRK Platform IV, which targets multifamily assets built after 1990, and the $330 million JRK MF Opportunities II, which targets assets built before 1990—in the fourth quarter. These investment vehicles are funded with capital from institutional investors, high-net-worth individuals, and family offices.
The recently acquired properties include the 266-unit Edgewater Crossing in Panama City Beach, Florida; the 336-unit Heights at Hammond in Hammond, Louisiana; the 301-unit The Halstead in Houston; and a two-property, 620-unit portfolio in South Portland, Maine.
Edgewater Crossing, an institutional quality asset built in 2014, sits on a 20-acre property less than a mile from the beach. Amenities include a zero-entry lagoon pool with waterfalls and a hot tub, a poolside grilling area with an outdoor fireplace, and a large clubhouse with fitness and business centers.
Heights at Hammond, built in 2019 by seller Stoa Group, features one-, two-, and three-bedroom units with an average size of 901 square feet. The community is 97% occupied.
The Halstead, which is 97% occupied, was built in phases between 1960 and 2004. The multifamily community includes a high-rise tower as well as mid-rise apartments near the Texas Medical Center.
The two-property Maine portfolio includes the 500-unit Redbank Village Apartments, built in 1945 and renovated in 2000, and the 120-unit Liberty Commons, built between 2005 and 2006. The properties are located within a half-mile of each other as well as near the Portland International Jetport.
JRK plans to sustain its momentum in the new year. “With over $5 billion 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 James Broyer, president of JRK’s investment division.
