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RK Property, a US real estate manager, has acquired two apartment communities worth $315m in Los Angeles and Washington. The acquisitions were made on behalf of its Platform 5 fund, which invests in multifamily value-add and core-plus properties.
The fund purchased the Chase Knolls garden-style community in Sherman Oaks, California, with 401 units, as well as the WestEnd25 high-rise community in Washington, DC's West End neighborhood, with 283 units. The Chase Knolls asset was financed through a joint venture with JRK's MF Opportunities III fund.
According to Danny Lippman, JRK president, the acquisitions represent undervalued opportunities that offer attractive risk-adjusted returns. This marks JRK's entry into the Washington DC market, which it has been tracking for years and plans to continue growing in.
The $1bn Platform 5 fund is currently 32% invested, with WestEnd25 being a separate transaction from the initial announcement.
