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6/27/25
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JRK Property Holdings has acquired apartment communities with a combined 684 units in Los Angeles and Washington, DC in separate transactions totaling roughly $315 mil.
13401 Riverside Dr, Sherman Oaks |
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The deals included Chase Knolls, a 401-unit garden-style community in Sherman Oaks, CA and WestEnd25, a 283-unit high-rise community in Washington, DC’s West End neighborhood. The assets were acquired through JRK’s $1B Platform 5 Fund, a multifamily value-add and core plus vehicle focused on high-quality assets built after 1990 that provide operational or physical repositioning opportunity. Platform 5 is currently 32% invested.
In the case of Chase Knolls, which had approximately half its units built in 1949, the acquisition was financed in a joint-venture with another JRK Fund, MF Opportunities III, a $200 mil vehicle that targets 1989 and older, value-add to core plus product. This was the first acquisition out of this vehicle.
Chase Knolls is located at 13401 Riverside Drive on a 14-acre site that encompasses nearly two-full city blocks in the heart of Los Angeles’ San Fernando Valley. The property was originally constructed in 1949 with 260 Art Deco apartment homes housed in 19 one-and two-story residential buildings. In 2021, six modern two- and three-story residential buildings with 141 units along with a clubhouse and resort style pool and spa were integrated into the property.
Due to the high barriers to entry and lack of developable land, Chase Knolls is only one of 12 institutional apartment communities (100+ units) built in Sherman Oaks in 75 years, according to Cushman & Wakefield, which marketed the property on behalf of the seller.
In addition to an underserved housing market, Chase Knolls also offers a variety of other demand drivers including award winning schools, walkability to approximately one million square feet of lifestyle retail, and access to the surrounding major employment hubs including Glendale/Burbank, Universal City, Downtown Los Angeles and Warner Center.
JRK will begin a multimillion-dollar capital improvement to dramatically improve the community amenities and common areas.
In the other deal, JRK, through Platform 5, also acquired WestEnd 25, a 10-story high rise apartment community in Washington, DC’s prestigious West End neighborhood. Located at 1255 25th Street NW across from Rock Creek Park, the property is a short walk to the neighborhoods of Georgetown and Dupont Circle.
Built in 2009, WestEnd 25 offers a mix of large studio, one- and two-bedroom apartment homes including 21 penthouse units, an offering not available elsewhere in the Washington, DC metro. JRK plans to make substantial improvements to the common areas and amenities, including a state-of-the-art fitness center, redesigned rooftop amenity spaces, resort-style pool and sundeck and update unit interiors if a resident vacates.
Berkadia marketed the property on behalf of the seller, a Washington, DC-based real estate investment trust.
JRK plans to deploy the remainder of both Platform 5 and MF Opportunities III over the next 18-24 months. JRK also is investing out of its $350 mil JRK Hospitality Fund 1, which targets both full-service and select-service hotel assets in primary and secondary US markets.
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