JRK Enters New Orleans With Portfolio Acquisition
The buyer was attracted to the market's strong fundamentals.
JRK Property Holdings has acquired Lumina and The Delaneaux, two multifamily properties totaling 592 units in New Orleans. The company made the acquisitions via its JRK Platform 5 Fund for an undisclosed amount.
The Edwards Cos. was the seller of both properties. The communities are relatively new, completed in 2020.
Lumina is a 382-unit, four-story apartment community located at 3701 Conti St. The property is on Lafitte Greenway, a 2.6-mile walking and biking path through the city that is lined with retail offerings, including a ground floor café.
The community features studios, one- and two-bedroom units renting for an average of $1,826 a month. Common-area amenities include a fitness center, clubhouse and swimming pool. There are 570 parking spaces.
READ ALSO: 3 Tax-Saving Strategies for Sellers
The Delaneaux is a 210-unit, four-story apartment community at 1325 Annunciation St. The property is directly across from the River District Development, a 40-acre mixed-use project with a planned 735,000 square feet of offices, 220,000 square feet of retail locations as well as museums, entertainment space, residential, and lodging. Like Lumina, the community also offers studios, one- and two-bedroom units renting for an average of $1,904 a month.
Prolific portfolio buyer
Before the acquisition, JRK managed more than 1,250 multifamily units in Louisiana, but none in New Orleans. The company cited the area’s constrained housing supply, along with strong forecasted rent growth—4.4 percent gross rental income growth in 2025, according to Freddie Mac— as reasons for entering the market.
JRK Platform 5 Fund is a $1 billion multifamily fund that targets value-add to core-plus multifamily assets newer than 1990, with operational or physical repositioning opportunities. The fund is now just under 40 percent subscribed and is expected to be nearly 60 percent invested by the end of the year, according to JRK Property Holdings.
In June, JRK finalized its $315 million purchase of two properties in the Los Angeles and Washington, DC markets. These assets were the most recent to be picked up under Platform 5.
