LOS ANGELES AND WASHINGTON, D.C. — Los Angeles-based JRK Property Holdings has acquired two apartment communities totaling 684 units, Chase Knolls in Los Angeles and WestEnd25 in Washington, D.C., in two separate transactions for a combined total of $315 million.
Located on 14 acres in the Los Angeles neighborhood of Sherman Oaks, Chase Knolls is a 401-unit garden-style community that encompasses nearly two city blocks. The property was originally built in 1949 to include 260 Art Deco-inspired apartment homes across 19 one- and two-story residential buildings.
In 2021, a new clubhouse and resort-style swimming pool were integrated into the community, along with 141 new units that were constructed to occupy six additional residential buildings. JRK also plans to make further enhancements to the complex to improve the community amenities and common areas.
According to Cushman & Wakefield, which marketed the property for sale on behalf of the undisclosed seller, Chase Knolls is one of only 12 apartment communities exceeding 100 units built in Sherman Oaks over the past 75 years, a testament to the significant development hurdles in the area, such as limited land and high barriers to entry.
The second property, WestEnd25, is a 283-unit high-rise apartment community that spans 10 stories and offers a mix of studio, one- and two-bedroom apartment homes, including 21 penthouse suites. The property was built in 2009.
JRK will upgrade this apartment’s amenity offerings as well, while also renovating the common areas at the complex, including a state-of-the-art fitness center, redesigned rooftop spaces, a resort-style swimming pool and sundeck and updated unit interiors.
Berkadia marketed WestEnd25 on behalf of the seller, a Washington, D.C.-based real estate investment trust.
Founded in 1991, JRK Property Holdings specializes in multifamily and hospitality investments while managing a portfolio of more than 80,000 residential units and 2,000 hotel rooms across 30 states. JRK’s current real estate portfolio is valued at more than $8 billion.
— Abby Cox