US real estate manager JRK Property has acquired $315m (€269.4m) worth of apartment communities in Los Angeles and Washington.
JRK Property investing on behalf of its multifamily value-add and core-plus platform, Platform 5 fund, has acquired the 401-unit Chase Knolls garden-style community in Sherman Oaks in California and the 283-unit WestEnd25 high-rise community in Washington, DC’s West End neighbourhood.
The Chase Knolls asset was financed in a joint venture with another JRK’s MF Opportunities III fund, a $200m value-add to core-plus product.
Danny Lippman, JRK president, said: ”Our team excels at identifying fundamentally sound, undervalued opportunities that offer the best attractive risk-adjusted returns, which is how we came to acquire an older suburban garden-style community and luxury urban high-rise in the same fund.
“It also marks our entry into Washington DC, a market we’ve tracked for many years and plan to continue to grow in.”
In a separate transaction, JRK’s Platform 5, also acquired WestEnd 25, a 10-storey high-rise apartment community in Washington, DC’s West End neighbourhood.
The manager said the $1bn Platform 5 fund is currently 32% invested.
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