A Los Angeles real estate investment firm is dropping nearly $400M on garden apartments across the country, including the 301-unit The Halstead in Houston.
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JRK Property Holdings purchased the property at 4620 North Braeswood Blvd., along with four other multifamily buildings elsewhere in the U.S., for a total of $390M. Those other purchases were the 266-unit Edgewater Crossing in Panama City Beach, Florida; the 336-unit Heights at Hammond in Hammond, Louisiana; and a two-property, 620-unit portfolio in South Portland, Maine. All purchases will close this quarter.
JRK, which says it is one of the largest multifamily landlords in the U.S., has 30,000 units across 24 states, including both multifamily and hotels.
"With over $5B of buying power from our two existing multifamily funds, our focus continues to be finding compelling opportunities across all vintages of properties in the majority of U.S. markets,” JRK Investment President James Broyer said in a statement.
The company has made $700M in acquisitions to date in 2021 through its multifamily value-add funds. JRK started a $1.5B acquisition program earlier this year, which started with a Houston purchase, Carrington Park at Gulf Pointe, a Hobby Airport-area 258-unit multifamily complex. At the time, it had 1,000 Houston-area apartment units.
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