JRK Property Holdings has expanded its portfolio with two multifamily acquisitions in the Los Angeles and Washington, D.C., metros. The Los Angeles-based real estate investment firm has acquired the 401-unit Chase Knolls in Sherman Oaks, California, and the 283-unit WestEnd25 in D.C.’s West End neighborhood in separate transactions for $315 million.
“Our team excels at identifying fundamentally sound, undervalued opportunities that offer the best attractive risk-adjusted returns, which is how we came to acquire an older suburban garden-style community and a luxury urban high-rise in the same fund,” said JRK president Danny Lippman. “It also marks our entry into Washington, D.C., a market that we’ve tracked for many years and plan to continue to grow in.”
Both properties were acquired through JRK’s $1 billion Platform 5 Fund, a multifamily value-add and core-plus vehicle focused on high-quality assets built after 1990. The fund is 32% invested. In addition, the acquisition of Chase Knolls, which had approximately half of its units built in 1949, was financed in a joint venture with MF Opportunities III, a JRK $200 million investment vehicle that targets properties built in or before 1989. This was the first acquisition from that fund.
Chase Knolls in Sherman Oaks, California
Chase Knolls is on a 14-acre site encompassing nearly two city blocks in the San Fernando Valley. While it was originally constructed with 260 art deco apartments in 19 buildings in 1949, 141 units, a clubhouse, and a resort-style pool were added in 2021. According to JRK, it has plans to dramatically improve the community amenities and common areas.
According to Cushman & Wakefield, which marketed the property on behalf of the seller, Chase Knolls is only one of 12 institutional apartment communities with over 100 units in Sherman Oaks in 75 years.
WestEnd25 is a 10-story high-rise across from Rock Creek Park and a short walk to Georgetown and Dupont Circle. It features a mix of studio, one-, and two-bedroom apartments, including 21 penthouse units. Substantial improvements are planned for the common areas and amenities, including a state-of-the-art fitness center, a redesigned rooftop, a resort-style pool, and updated interiors when a resident vacates.
Berkadia marketed WestEnd25 on behalf of the seller, a Washington, D.C.-based real estate investment trust.
