SAN JOSE, CALIF. — JRK Property Holdings has purchased Duo Apartments, a multifamily community in San Jose, for $93.5 million. Located at 6670 Emergent Way, Duo features 301 apartments and was 97 percent leased at the time of closing.
Built in 2021 by the undisclosed seller, Duo features studio, one-, two- and three-bedroom apartments spread across two four-story residential buildings. Community amenities include controlled-access parking, a 24-hour fitness center, arcade room with high-definition golf stimulator, a resort-style pool with cabanas, coworking spaces with private conference rooms, and outdoor grilling areas.
The acquisition of Duo was financed with a 10-year, fixed-rate loan from Freddie Mac. Institutional Property Advisors placed the loan and also marketed the property for sale on behalf of the seller.
The acquisition is the third from the JRK Platform V, a Los Angeles-based real estate investment fund that targets higher quality, well-located multifamily investments built after 1990.