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JRK Property Holdings Spends $90 Mil on Luxury Res Property in Downtown Glendale

3/16/21

JRK Property Holdings Inc has acquired The Harrison Glendale, a 164-unit, luxury multifamily property in Downtown Glendale, in an off-market transaction for $90.7 mil ($553k/unit). Built in 2018, the property is located at the southwest corner of Wilson and Central Avenues in Downtown Glendale, 12 miles north of Downtown Los Angeles.

The Harrison Glendale consists of two five-story LEED-Certified buildings surrounding a central courtyard with resort-style pool, park and barbecue area. Residential units include studio, one- and two-bedroom floor plans with high end finishes. At street level is a 15k sf CVS pharmacy. A two-level subterranean garage provides 239 parking stalls.

Other common area amenities at The Harrison include a two-level fitness center, yoga studio, club room and dog run. An expansive rooftop deck with fire pits, barbecues and bar, offers unobstructed views of Glendale and the surrounding mountains.

The Harrison Glendale is located at the southwest corner of Wilson and Central Avenues in Downtown Glendale, 12 miles north of Downtown Los Angeles. The property is situated just one block from the Glendale Galleria and The Americana Brand, two of Southern Californiaís most popular destination shopping centers representing approximately 2.5 msf of retail, dining and entertainment space.

The property was marketed on behalf of the seller, a Las Vegas-based developer, by the CBRE Los Angeles team led by Dean Zander, Stewart Weston and Chris Tresp. The acquisition was financed with Agency Debt through Freddie Macís Green Advantage program and arranged by Robert Falese of Berkadia. The property was 96% leased at closing.

For JRK, which now owns and operates over 3,500 multifamily units in California, The Harrison Glendale marks the firmís first multifamily investment in Los Angeles County since 2010. JRKís Southern California portfolio also includes assets in Ventura County and Riverside County.

Photo: Allen Wolfsheimer




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