ROSEVILLE, CA-Los Angeles-based JRK Property Holdings has acquired the 273-unit Terraces at Highland Reserve at 700 Gibson Dr. in this Sacramento suburb via its JRK Multifamily Platform, an institutional fund with over $1 billion in purchasing capacity. Bobby Lee, president of JRK’s investment division, tells GlobeSt.com that the acquisition—one of two properties that JRK has closed on lately—was part of the company’s plan to grow its presence in California as well as other US markets.

JRK did not disclose individual prices for the Terraces at Highland or its other acquisition, which was in Houston, but the company said it paid $80 million combined for the two properties in two separate deals, at cap rates of roughly 6%. It financed them with new Fannie Mae loans originated by Northmarq and AmeriSphere, plus a $20 million equity investment from JRK Multifamily Platform.

“We wanted to get into the California market with some high-quality assets, and this property is in a very nice part of Roseville,” Lee says. He says the property holds upside in raising rents, which are below market, and also in additional upside that JRK can create with a light property upgrade.