JAG Management Adds 1,400 Units to NC Portfolio
It assumed management of five communities across the Raleigh-Durham area.
JAG Management Co., an affiliate of Jefferson Apartment Group (JAG), has expanded its property management portfolio by nearly 1,400 units in North Carolina.
It assumed management of J501 Estates, a 240-unit community in Durham, central to Duke University and the University of North Carolina. The community was originally acquired by JAG, its first North Carolina purchase, in a deal with STARS REI in late 2023.
JAG Management Co. also assumed third-party management of four other communities across the Raleigh-Durham area. The management expansion deal brings JAG Management Co.’s total portfolio to nearly 11,000 units on the East Coast.
Patty Holt, president of JAG Management Co., told Multi-Housing News that economic and employment growth and demand for rental housing make North Carolina an attractive expansion market.
“Our expansion in the Piedmont region further demonstrates our confidence in the strength of multifamily in North Carolina, where renter-household growth is among some of the strongest in the nation,” Holt said.
Further expansion on the horizon
JAG established a regional office in Charlotte in 2022 and its first new development in the state is set to be delivered this fall. Also, another 350 units are expected to be added to the JAG Management Co. portfolio with the additional of J Optimist Park, a Class A mid-rise located in the Mill District of Charlotte.
Alongside the management deal, JAG Management Co. hired a regional manager to further support its growing operations in North Carolina. Valeri Smiddy, a 20-year property management professional with deep ties in the region, leads the Carolinas portfolio.
In June, JAG Management Co. inked its first management deal with Bethesda, Md.-based Goldstar Group to manage a property in Frederick, Md., in the western part of the state. The community, known as EDE, comprises 350 units. It is located on a 24-acre infill parcel in the City of Frederick, Md. This is JAG Management Co.’s first in Frederick, approximately 45 miles west of Baltimore.
