JRK Property Holdings, through its multifamily value add funds, has acquired five garden-style apartment-home communities in Florida, Texas, Louisiana and Maine, totaling more than 1,500 units for $390 million. These transactions round out a year with nearly $700 million in new acquisition transaction activity for JRK.
The separate transactions, all closing in the fourth quarter, include the 266-unit Edgewater Crossing in Panama City Beach, Fla.; 301-unit The Halstead in Houston, Texas; 336-unit Heights at Hammond in Hammond, La.; and a two-property, 620-unit portfolio in South Portland, Maine.
JRK acquired the properties, through its multifamily value-add funds: $800 million JRK Platform IV, which targets multifamily investments built after 1990; and its $330 million JRK MF Opportunities II, which targets assets built before 1990. The investment vehicles are funded with capital from institutional investors, high-net worth individuals, and family offices.
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