JRK Property Holdings (“JRK”) has acquired Brook on Janes Apartments, a 288-unit Class-A multifamily community in the Chicago suburb of Bolingbrook, Illinois.
Brook on Janes was acquired by JRK out of its JRK Platform 5 Fund, a $1 Billion multifamily value-add and core plus fund which targets higher-quality, well-located multifamily investments built after 1990. With this acquisition, the fund’s portfolio is comprised of institutional quality assets with an average year built of 2019 located in Illinois, Florida, Kansas, and California. The Fund also has another two new acquisitions under contract in excess of $100 million that it plans to close on in the next 45 days. To date roughly 20% of the $1 billion fund has been deployed since its closing back in October 2022.
“Brook on Janes is an institutionally-built property situated in a highly sought-after, supply-constrained suburb of Chicago with excellent connectivity to major employers and downtown. This acquisition expands our footprint in suburban Chicago, a market where we’ve had a lot of success,” said JRK President Daniel Lippman. “We’re finally seeing seller capitulation on pricing expectations, which has allowed us to significantly ramp up our acquisition activity. We remain confident in the strong fundamentals and long-term outlook of the multifamily sector and plan to invest $1.5 to $2 billion over the next 12-18 months to capitalize on similar opportunities.”
Built by the seller in 2017 with quartz countertops, stainless steel appliances, under-mounted sinks, wood flooring, and private balconies or patios. Common area amenities include resort style swimming pool with outdoor cabanas, clubhouse with high-tech fitness club, cookout area, and gated dog park.
The property benefits from numerous demand drivers including its proximity to Naperville, one of Chicago’s most affluent neighborhoods. It is also served by a rich retail base including The Promenade Bolingbrook, an open-air shopping center offering approximately 750,000 square feet of shopping, dining and entertainment options. It is also surrounded by several well-maintained parks and golf courses.
Brook on Janes adds to the firm’s Chicago area portfolio that includes 504-unit Residences at Lakeside in Lombard and the 838-unit The Residences at Arlington Heights in Arlington Heights.
Kevin Girard, Roberto Casas, and Matt Lawton in JLL’s Chicago office represented the seller in the transaction. The acquisition was leveraged with attractive 10-year fixed-rate Agency financing arranged by Annie Rice and Brandon Smith from JLL’s Los Angeles office.
Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-add and core plus opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow. JRK’s $7 billion of assets under management is dedicated to a portfolio spanning 26 states with approximately 30,000 multifamily units, and luxury and flagged hotels.
