JRK Property Holdings has acquired Duo Apartments, a 301-unit Class-A multifamily community in San Jose, for $93.5 million. This is the third acquisition by JRK Platform V, the Los Angeles-based real estate investment and management firm’s newest multifamily value-add fund which closed in October 2022 with $1 billion of capital commitments. The portfolio contains institutional quality assets with an average year built of 2019 and geographic diversity between Florida, Kansas and California.
Daniel Lippman, President of JRK commented on this opportunity: “The increasingly challenging credit environment coupled with elevated interest rates have created conditions for imminent distressed sales despite strong underlying fundamentals within the multifamily sector.” He continued to explain that “As well capitalized buyers with predominantly long term fixed rate financing on our existing portfolio we are excited to have access to $1.1 billion worth of dry powder available to acquire high quality real estate at incredible values as owners face equity shortfalls from cash in refinances or otherwise capitulate due to cap rate expansion.”
