Real Estate - JANUARY 17, 2013

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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