LOS ANGELES—The Los Angeles-based JRK Investors has acquired $325 million in multifamily properties so far this year through its two investment funds. The six properties through the two investment funds are located throughout the US and have a total of 2,082 units.
JRK Investors primary investment fund has $600 million, and is focused on purchasing class-A multifamily properties built in 1990 or later. The secondary, b-fund is a $230 million investment vehicle focused on acquiring multifamily properties built in 1989 or earlier. JRK seeks a mix of strong investors for its funds, and has a strong mix of high net worth individuals, pension funds other institutions that invest in the funds.
“We have 55,000 units, and we are growing across the country, buying the Midwest, Southwest, Southeast and the Northeast,” James Bloomingdale, SVP and head of acquisitions at JRK Investors, tells GlobeSt.com. “We are buying everywhere that we see opportunities. Every deal that we are looking at has a repositioning play, for the most part, whether it is a full value-add or a minor repositioning.”
The primary fund purchased four of the six transactions completed so far this year. The largest property purchased is the 310-unit Terra Mar apartment community in Santa Rosa Beach, FL. The other transaction include Saratoga Place, a 248-unit luxury community in Sarasota, FL; Pinnacle, a 300-unit apartment complex built in 2005; and One Webster, a 120-unit mid-rise building in Chelsea, MA. The secondary fund purchased the remaining two properties: Tanglewood, a 838-unit apartment complex in Arlington Heights, IL, that was built in 1974; and Residences at Stevens Pond, a 326-unit 2003 vintage property in Saugus, MA. The average purchase price on each individual property is $50 million.
JRK has some significant goals for the remainder of the year. “Last year, we were just under $1 billion in acquisitions, and we hope to do the same this year. We are on track to do that by the end of this year,” says Bloomingdale.
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Kelsi Maree Borland
