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January 29, 2023
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JRK Property Holdings Initiates its Newly Closed $1 Bil Platform V Multifamily Fund with $168.5 Mil in Acquisitions

1/12/23

JRK Property Holdings has acquired Residences at Park Place, a 258-unit luxury mid-rise apartment and townhome community in the preeminent Kansas City suburb of Leawood, KS, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota, FL 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 $1.0 bil JRK Platform V, which targets higher-quality, well-located multifamily investments built after 1990. Through its predecessor funds, JRK owns and operates $7 bil in multifamily assets.

“The dramatic rise in interest rates has created a negative leverage environment which has made it difficult to transact over the past year,” said JRK President of Investments James Broyer. “We have remained patient and disciplined during this period of market dislocation and as we begin to see the headwinds subside, we are able to acquire these outstanding assets with positive leverage to borrowing costs resulting in attractive yield for our investors from Day 1.”

JRK leveraged the acquisition of Residences at Park Place with attractive long-term financing at a fixed-rate of 4.78% over the entire term from Fannie Mae, arranged by Annie Rice of Jones Lang LaSalle Capital Markets’ Los Angeles office.

“We’re thrilled to have begun deployment of our latest fund with two institutional quality assets located in preeminent locations within rapidly growing markets for north of a 5.5% cap. Not only are our investors stepping into an exceptional basis with attractive long-term, fixed-rate financing, but the tremendous location and quality of these assets will insulate them from additional cap rate expansion. Further, there remain significant operational and physical value-add opportunities we plan to capture through a renovation and JRK’s management,” added JRK President Daniel Lippman.

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 500k sf of Class A office. The Residences is comprised of three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. The amenity-rich community features a saltwater swimming pool with resort-style outdoor cabana and grilling area, media and game rooms, co-working space and two 24-hour fitness facilities with massage room, Peloton Bike, fitness on-demand center, infrared sauna, and customized concierge services. The property was 98% leased at closing.

Leawood, located 25 miles south of downtown Kansas City, is one of the most affluent cities in Kansas with an Average Household Income of $185k, according to Jones Lang LaSalle, which marketed the property on behalf of the seller. Benefiting from its top-quality school system, recreational activities and proximity to Kansas City’s thriving economy, Leawood was ranked as the best suburb to raise a family in the state by Niche.com.

David Gaines, Jim Gates and Adam Tilton of Jones Lang LaSalle in the firm’s Chicago and Kansas City offices represented the seller in the transaction.




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