JRK Buys East and West Coast Assets for $315M
The buyer plans considerable capital improvements at both properties.
JRK Property Holdings has acquired through separate funds focusing on multifamily two apartment communities on either side of the country for a total of $315 million. The company did not disclose the purchase price for each asset.
Storied investments
The larger property is Chase Knolls, a 401-unit garden-style community located at 13401 Riverside Drive in Sherman Oaks, Calif. The community sits on a 14-acre site that occupies nearly two full city blocks in the San Fernando Valley. It was originally developed in 1949 with 260 Art Deco units across 19 one-and two-story residential buildings. In 2021, six two- and three-story residential buildings with 141 units, along with a clubhouse and resort-style pool and spa, were added to the property. The new owner will soon begin a multimillion-dollar improvement of the community’s common-area amenities.
Chase Knolls is only one of a dozen apartment communities of more than 100 units built in Sherman Oaks in 75 years, according to Cushman & Wakefield, which marketed the property on behalf of Waterton, the property’s seller and previous owner.
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The property is 92.3 percent occupied, Yardi Matrix reports. Over the last five years, the asset’s average rent spiked, though in 2025 it returned to roughly the same rate as in 2021, and is now $2,605 a month.
The smaller community is WestEnd 25, a 10-story high rise apartment community in Washington, D.C.’s West End neighborhood. Located at 1255 25th Street NW across from Rock Creek Park, the property was built in 2009.
The 283-unit WestEnd 25 offers a mix of studio, one- and two-bedroom units, including 21 penthouse units, which is unusual in metro D.C. JRK plans to make improvements to the common areas and amenities, including its fitness center, rooftop amenity spaces, resort-style pool and sundeck. As residents vacate, the company will update unit interiors.
Berkadia marketed the property on behalf of the seller, JBG Smith Properties, a Washington, DC-based REIT. WestEnd 25 is 95.1 percent occupied, according to Yardi Matrix. Rents have grown considerably in recent years, up from an average of $3,305 a month in 2021 to $3,845 a month this year.
JRK’s deal pipeline
JRK acquired the properties through its Platform 5 Fund, a multifamily value-add and core plus vehicle focused on assets built after 1990 that provide a repositioning opportunity. Platform 5 is currently 32 percent invested.
Since about half of Chase Knolls’ units were built much earlier than 1990, the acquisition was financed in a joint-venture with another JRK Fund, MF Opportunities III, a vehicle that focuses on properties built before 1990. This was the first acquisition out of this vehicle.
JRK says it plans to deploy the remainder of both Platform 5 and MF Opportunities III over the next 18 to 24 months. JRK also is investing out of its $350M JRK Hospitality Fund 1, which targets both full-service and select-service hotel assets in primary and secondary U.S. markets.
