LOS ANGELES – JRK Property Holdings is selling off 22 apartment communities in a package that includes over 5,000 units in Texas, reports Real Estate Alert.
The Los Angeles-based firm is expecting to get about $650 million, or roughly $100,000 per unit for the 6,653 units, which are mostly Class B properties with the potential to be upgraded for higher rents.
The listings have been handed off to several firms, including CBRE, Holliday Fenoglio, and Cushman & Wakefield. ARA Newmark has the listing for seven Houston apartment projects with 2,326 units. CBRE is marketing 3,153 units of the JRK portfolio in the D/FW area, Real Estate Alert reported