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RK Property Holdings has acquired an 88-unit apartment complex in San Francisco's Rincon Hill for $44.25 million, according to the San Francisco Business Times. The Los Angeles-based investor purchased the eight-story building at 333 Fremont Street from an affiliate of ASB Real Estate Investments and City-Core. JRK acquired the property through its $1 billion Platform 5 fund, which targets high-quality multifamily properties built after 1990. The deal works out to $502,841 per unit.

    The apartments were built in 2014 by developer City-Core in a joint venture with ASB. Rents range from $3,295 for a one-bedroom apartment to $5,045 for a two-bedroom unit, according to Trulia. JRK Property Holdings has $8 billion in assets under management and the Fremont Street purchase brings its Northern California portfolio to about 2,550 units.

    JRK executives say they intend to be an "aggressive" buyer over the next 12 to 18 months, with a focus on San Francisco and Northern California. The firm's recent buying spree includes a $69.3 million deal for a 288-unit apartment complex outside Chicago. ASB Real Estate Investments has sold three properties in San Francisco in less than two months, including two office buildings that were sold for less than half of their original purchase price.