JRK Property Buys Chicago Apartment Complex for $69M

The company continues to expand its presence in the city.

JRK Property Holdings has scored an apartment complex for $69.3 million in Chicago, Illinois.

The Los Angeles-based firm is looking to expand its presence in the area with the new 288-unit property in Bolingbrook, called Brook on Janes, according to a report from Crain’s Chicago Business.

The apartment complex, located at 401 Janes Ave, carries an average rent of $2,126 per month, with 97 percent occupancy, the report said, citing CoStar Group data.

In Chicago, JRK’s portfolio extends to Residences at Arlington Heights, 838 units, and Residences at Lakeside in Lombard, 504 units.

While oversupply has been an issue in the national multifamily sector, demand might not be. Net absorption in the first half of 257,000 units was near its all-time high, according to a report from RealPage Market Analytics.

JRK is noticing the demand and is planning to remain active.

“We’re finally seeing seller capitulation on pricing expectations, which has allowed us to significantly ramp up our acquisition activity,” Daniel Lippman, president of JRK said in a statement.

“We remain confident in the strong fundamentals and long-term outlook of the multifamily sector and plan to invest $1.5 to $2 billion over the next 12-18 months to capitalize on similar opportunities.”

The seller of Brook on Janes was Quarterra. JLL represented the North Carolina-based venture in the sale.