JRK Property Holdings through its JRK Platform 5 Fund has acquired in separate transactions two Class-A multifamily communities in Minneapolis and San Francisco for nearly $100 million.
JRK Platform 5 Fund is a $1 billion multifamily value-add and core plus fund which targets higher-quality, well-located multifamily investments built after 1990. This is JRK’s third acquisition out of the fund in the past 30 days. Last month, JRK acquired Brook on Janes Apartments, a 288-unit multifamily community in the greater Chicagoland metro. The fund is 20 percent invested since its closing in October 2022.
JRK is also currently investing out of its $200 million MF Opportunities III Fund, which targets value-add multifamily assets built before 1990 as well as its $350 million JRK Hospitality Fund I, which targets both full-service and select-service hotel assets in primary and secondary US markets. Through its current and predecessor funds, JRK owns and operates $8 billion in assets.
Woodbury Park is a 224-unit townhome community in Woodbury, Minnesota, 10 miles east of downtown Minneapolis. Located at 2150 Vining Dr, Woodbury Park was delivered in 1999 and sits on 15.1 acres of land. The 287,975-square-foot property offers a mix of one-, two-, and three-bedroom units spread across 23 residential buildings with a centralized community clubhouse. Amenities also include a resort-style swimming pool, outdoor fire pits, 24-hour fitness center, and outdoor grilling stations. Multifamily assets in Woodbury are in high demand due to the submarket’s reputation as one of the best suburbs in the nation and within a top-rated school district. Fortune Magazine recognized Woodbury as one of the top 14 Best Places to Live in the United States in 2022. Woodbury Park was over 99% occupied at closing.
333 Fremont is an 8-story, high-rise community located in the heart of San Francisco. Delivered to market in 2014, it was originally constructed as condominiums. The eight-story tower features a mix of one- and two-bedroom units. The property is centrally located in San Francisco’s East Cut neighborhood, one of the city’s newest neighborhoods near SOMA, South Park, the Financial District, and the Embarcadero. The property is within walking distance to various entertainment, retail, and employment hubs within the city. The BART Embarcadero Station is within walking distance connecting residents to the entire Bay Area. Occupancy was 95% at close.
Keith Collins, Abe Appert and Ted Abramson of CBRE marketed Woodbury Park; and Philip Saglimbeni, Stanford Jones, and Alexander Tartaglia of Institutional Property Advisors marketed 333 Fremont.
