$1b JRK Property Holdings multifamily fund makes first 2 acquisitions

JRK Property Holdings has acquired Residences at Park Place, a 258-unit luxury mid-rise apartment and townhome community in the Kansas City, Mo., suburb of Leawood, Kan., from VanTrust Real Estate.  JRK also is under contract to purchase a luxury high-rise community in downtown Sarasota, Fla., from a separate seller in a transaction that is expected to close in March 2023.

The Los Angeles-based real estate investment and management firm is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets higher-quality, well-located multifamily investments built after 1990.  Through its predecessor funds, JRK owns and operates $7 billion in multifamily assets.

Built in phases between 2014 and 2019 by the seller, The Residences at Park Place is the residential component of Park Place Village, a master-planned, mixed-use development offering destination retail and restaurant attractions along with nearly 500,000 square