JRK Property Holdings Acquires MF Communities in Houston and St. Louis for $81.5 M

Los Angeles-based investor plans two acquire $1.5 Billion in multifamily assets in 2021
By: JRK Property Holdings
Carrington Park At Gulf Pointe, Houston, TX
Carrington Park At Gulf Pointe, Houston, TX
LOS ANGELES - Feb. 2, 2021 - PRLog -- JRK Property Holdings has acquired two garden-style apartment home communities -- Carrington Park at Gulf Pointe, in Houston, TX and Fieldpointe of St. Louis in St. Louis, MO -- in separate transactions valued at nearly $81.5 million.

Built in 2007, Carrington Park features 258 apartment homes, located in 10 three-story residential buildings on a 16-acre site at 11666 Gulf Pointe Drive, 15 miles southeast of Downtown Houston.     Built in 1969, Fieldpointe of St. Louis features 260 apartment homes and 58 townhomes at 1951 Oberline Drive in the St. Louis suburb of Maryland Heights.   Collectively, the properties are 96 percent occupied.

JRK, one of the largest multifamily landlords in the United States, acquired the properties, through its newest 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.

The two separate transactions follow JRK's completion of its 4,061-unit Multifamily portfolio sale comprised of 12 communities ranging in size from 64 to 709 units located across California, Colorado, Florida, Georgia, North Carolina, Ohio and Texas.  The properties have been part of JRK's portfolio for the past 10 years with 11 of the properties sold to Blackstone and 1 sold to Davlyn Investments. The portfolio sale capped off an active 2020 for JRK with nearly $2 billion in transaction volume.

JRK is planning to continue 2021 where it left off in 2020, according to the President of JRK's investment division, James Broyer.

"We have an ambitious goal of $1.5B billion in acquisitions in 2021" said Broyer.  "With close to $5B 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."

About JRK Property Holdings
Founded in 1991, JRK Property Holdings (http://www.jrk.com) 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 $6 billion of investment capital is dedicated to a portfolio spanning 23 states with over 30,000 multifamily units, and luxury and flagged hotels.

Bruce Beck
DB&R Marketing Communications, Inc.
Email:***@dbrpr.com Email Verified
Industry:Real Estate
Location:Los Angeles - California - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
DB&R Marketing Communications News
Most Viewed
Daily News

Most Viewed
Daily News
PTC News

Feb 02, 2021 News

Like PRLog?
Click to Share