Multifamily landlord JRK Property pays $91M for Glendale complex

164-unit property was acquired through 1031 exchange

Los Angeles /
Mar.March 16, 2021 10:32 AM
JRK CEO Jim Lippman and The Harrison Glendale. (Molasky, Twitter via Jim Lippman)
JRK CEO Jim Lippman and The Harrison Glendale. (Molasky, Twitter via Jim Lippman)

Multifamily landlord JRK Property Holdings paid $90.7 million for a 164-unit complex in Glendale. The purchase was made through a 1031 exchange in an off-market deal, the company announced.

The Harrison Glendale at 318 W. Wilson Avenue totals 144,000 square feet, with CVS occupying 15,100 square feet of ground floor retail space.

The seller was the Molasky Group of Companies, property record show. Las Vegas-based Molasky developed the rental building in 2018. Greystar handles leasing. CBRE’s Dean Zander, Stew Weston and Chris Tresp represented the seller.

The Harrison has a mix of studios, one-, and two-bedroom units. The complex was 96 percent leased at the time of the sale, according to ReBusinessOnline. It includes a pool, gym, yoga, studio, club room and a dog run.

The 1031 exchange allows JRK Properties to defer capital gains. When he was running for office, now-President Biden proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes greater than $400,000. That was part of his plan to finance $775 billion in government spending over the next 10 years on child care and care for the elderly. Biden has so far not addressed 1031 exchanges.

The property isn’t far from a 115-unit apartment complex that Essex Property Trust sold to Fairmont Management for $60 million in November.

Raintree Partners has also been investing heavily in Glendale. In mid-2019, the firm paid $79 million for a multifamily portfolio there. Later that year, Raintree bought a 92-unit apartment complex just outside the city.

 


Related Articles

arrow_forward_ios
King Street, AIMCo team up with East End to amass production studios
King Street, AIMCo team up to amass production studios
King Street, AIMCo team up to amass production studios
CIM continues South LA push
CIM continues South LA push
CIM continues South LA push
Alhambra rejects Ratkovich’s 775-unit development
Alhambra rejects Ratkovich’s 775-unit development
Alhambra rejects Ratkovich’s 775-unit development
East End Capital founder Jonathon Yormak and 1239 South Glendale Avenue (Hudson Partners, East End)
East End Capital expanding Glendale production studio campus
East End Capital expanding Glendale production studio campus
Bow West Capital founder Sean Beddoe and renderings of the project (HKS)
Bow West snags City Planning approval for 200-unit tower project
Bow West snags City Planning approval for 200-unit tower project
SoLa Impact founder and CEO Martin Muoto, whose firm plans an apartment complex in Park Mesa Heights (Google Maps, SoLa Impact)
SoLa Impact plans 195-unit rental complex in Park Mesa Heights
SoLa Impact plans 195-unit rental complex in Park Mesa Heights
California will count middle-income housing conversions toward affordable housing goals
California will count middle-income housing conversions toward affordable housing goals
California will count middle-income housing conversions toward affordable housing goals
The site for the complex (Google Maps)
64-unit affordable complex planned for Westlake
64-unit affordable complex planned for Westlake
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...