JRK Property Holdings out of its JRK Platform 5 Fund has acquired in separate transactions two luxury multifamily communities in New Orleans, Louisiana.
Lumina is located on the popular Lafitte Greenway, a 2.6-mile walking and biking path that connects Mid-City to Downtown. It is lined with walkable retail, including the famous French Truck Coffee on the ground floor of Lumina.
The Delaneaux benefits by its location directly across the street to the River District Development, a 40-acre mixed-used development which is planned for 735,000 square-feet of office space, and 220,000 square-feet of retail, museums, entertainment, residential, and lodging. According to Axios New Orleans, the site will include the first class-A office building constructed in New Orleans since 1989 and will be anchored by Shell Oil for their regional headquarters. The project is expected to bring in thousands of new jobs and generate roughly $1 billion in economic activity.
“We were drawn to both of these properties due to their superior construction quality and irreplaceable locations proximate to New Orleans’ top-rated universities, medical research facilities, and premier dining and entertainment options,” said Daniel Lippman, President at JRK Holdings.
While JRK boasts a multifamily portfolio of 1,258 units in Louisiana (Baton Rouge and Hammond), Delaneaux and Lumina mark the firm’s entry into the city of New Orleans.
JRK continues to view Louisiana and New Orleans specifically, as a favorable market for multifamily investment due to its constrained supply pipeline, improving economy and promising rent growth forecast. According to a report issued by Freddie Mac at the beginning of the year, New Orleans was projected to have gross rental income growth of 4.4% in 2025, which was second nationally to only Oklahoma City.
JRK Platform 5 Fund is a $1 billion multifamily value-add and core plus fund which targets value-add to core-plus, well-located multifamily investments with operational or physical repositioning opportunity, built after 1990. The fund is now just under 40% invested and is expected to be nearly 60% invested by the end of the year.
“We are under contract on a few additional properties around the country that will close within the next 60 days and expect to call the remainder of the fund over the next 18 months based on the recent acceleration in our deployment pace,” added Lippman.
Walker & Dunlop marketed the property on behalf of the seller.
