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JRK Property Buys 181 Units

PLANO, TX-The Southern California acquires Heritage at Lakeside. The property attracted those that wanted to "place capital with a value-add opportunity," according to ARA broker Brian O'Boyle Jr., who helped negotiate the transaction.

By Amy Wolff Sorter | Updated on June 25, 2013

PLANO, TX-JRK Property Holdings has acquired the 181-unit Heritage at Lakeside. The Los Angeles buyer beat out multiple other offers for the class A complex.

According to area reports, the property at 5900 Baywater Dr. was once known as Echelon at Lakeside. Built in 2001, the asset had been owned by tenant-in-common investors that struggled in the aftermath of the financial meltdown. Everest Realty Management of Southern California was brought in during 2011 to work with both the TIC and the loan’s special servicer to reinstate the mortgage so the investors wouldn’t lose their money. In doing so, Everest Realty co-invested approximately $1.6 million in capital, which staved off foreclosure.

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