Los Angeles-based JRK Property Holdings acquired Chase Knolls in Sherman Oaks and a high-rise apartment tower in Washington, D.C., in separate transactions for an aggregate of $315 million.
Chase Knolls is a 401-unit garden-style apartment community in Sherman Oaks that was built in 1949 with 260 units. It was expanded in 2021 with 141 additional units along with a clubhouse, resort-style pool and spa.
“Our team excels at identifying fundamentally sound, undervalued opportunities that offer the best attractive risk-adjusted returns, which is how we came to acquire an older suburban garden-style community and luxury urban high-rise in the same fund,” said Danny Lippman, president of JRK, in a statement.
In Washington, D.C., the company acquired luxury high-rise WestEnd 25, a 283-unit property in the West End neighborhood. It was built in 2009 and includes a mix of one- and two-bedroom units along with 21 penthouse units. Lippman noted that this was the company’s entry into the Washington, D.C. market.
Chase Knolls was listed by Cushman & Wakefield. JRK plans a multi-million-dollar renovation of the common areas and community amenities.
JRK Property Holdings was founded in 1991 and has an $8-billion portfolio spanning 25 states with 30,000 apartment units, along with 10 hotels.
Information for this article was sourced from JRK Property Holdings.
