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December 10, 2017
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NORTHERN CALIFORNIA NEWS
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JRK Property Holdings Adds over 600 Units to Its Holdings

11/14/17

JRK Property Holdings has made its first investment in California’s Central Valley with the acquisition of a 614-unit apartment portfolio in Fresno from Demmon Partners in a transaction valued at $98.75 mil ($160.8k/unit).

Dominion Heights
Dominion Heights
The three properties, Crown Point, Cascades and Dominion Heights, are all located in the prestigious Dominion neighborhood of Fresno. The Dominion neighborhood is widely regarded as one of the most desirable areas to live in the Central Valley due to the top ranked Clovis School District, abundant recreation options, and luxurious single family homes.

Crown Point (218 units) and Cascades (200 units) sit adjacent to each other and virtually operate as a single property sharing leasing and amenity space. With Dominion Heights (196 units) just a half mile away, the portfolio acquisition provides significant economies of scale for JRK. Each property features a mix of one- and two-bedroom floor plans with wood burning fireplaces and units come with either garages or covered parking.

JRK, one of the largest multifamily owners in the United States with more than 30,000 units under management, will begin a multimillion-dollar capital improvement program across the portfolio designed to modernize the common area amenities and unit interiors in order to meet the strong demand for quality rentals in the Fresno area.

“Fresno has transformed from just an agricultural city to a much more diverse economy with its emergence as the medical and educational center of the San Joaquin Valley,” said James Bloomingdale, JRK Senior Vice President and Head of Acquisitions. “Fresno is now the 5th largest city in the state of California, and we think the combination of a long runway for economic growth and lack of new apartment construction bodes well for multifamily fundamentals.”

Over the past 12 months, the San Joaquin region has experienced improving job growth at 2.7%, well above the national average of 1.5%, according to the Valley Economic Index produced by the Craig School of Business at Fresno State.

Mark Leary and Nate Oleson of ARA Newmark represented the seller in the transaction.




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