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JPMCB Strategic Property Fund invests in two properties during fourth quarter

by Sara Kassabian

The JPMCB Strategic Property Fund, managed by J.P. Morgan Asset Management Global Real Assets, recently invested $239.4 million in two residential assets, according to a fourth quarter 2012 report. Approximately 21 percent of the core open-end fund’s portfolio is invested in residential properties.

The JPMCB Strategic Property Fund acquired Jefferson at Capital Yards, a 448-unit, three-building multifamily property located in the Capital Riverfront submarket of Washington, D.C., for $168.5 million. The asset is 91 percent occupied and totals 6.5 million square feet of office space.

The second acquisition was The Reserve at 4S Ranch, a 540-unit class A apartment community located in San Diego, Calif., for $70.9 million. The property is 94 percent occupied and features amenities.

In addition to these acquisitions, JPMCB Strategic Property Fund sold three residential assets for a total of $137.6 million during the fourth quarter: Somerset at Deerfield, a multifamily asset in Mason, Ohio, was sold for $58.3 million; Riverview Landing, a 310-unit multifamily property located in Philadelphia, was sold for $50.6 million; and Vista Sands Apartments an apartment complex in Charleston, S.C., was sold for $28.7 million.

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