The Brentwood-based company purchased the property, located at 318 W. Wilson Ave., in an off-market transaction.
“While it is somewhat contrarian, we see relative value in select urban infill product based on how it’s priced compared to suburban product and are focused on growing our portfolio to include more urban core assets than we’ve historically held,” JRK Vice President of Acquisitions Daniel Lippman said in a statement.
The Harrison Glendale is located one block from the Glendale Galleria and The Americana at Brand shopping centers.
The property was built in 2018 and was 96% leased at closing, according to JRK.
The building has a central courtyard with a pool, park and barbecue area. There is also a two-story fitness center, yoga studio, club room and dog run.
In addition, the complex has a CVS Pharmacy on the ground floor and two underground parking levels with 239 stalls.
CBRE Group Inc.’s Dean Zander, Chris Tresp and Stewart Weston represented the seller, Las Vegas-based Molasky Ventures.
“The Harrison is a core luxury apartment community in an excellent location, just blocks from The Americana and Glendale Galleria,” Zander said in a statement. “Another plus is the (ground-floor) CVS, which is an ‘essential needs’ store that remained open and operating at full capacity throughout the pandemic.”
Financing for the acquisition was arranged by Berkadia Proprietary Holding’s Robert Falese.
The Harrison Glendale isn’t JRK’s only recent acquisition.
As part of the company’s growth strategy, it bought a five-property, 602-room Marriott hotel portfolio in Austin, Texas, for $65 million earlier this year from an affiliate of RLJ Lodging Trust.
JRK Property Holdings used money from its $350 million hospitality fund for the Marriott purchase. It was JRK’s first multiproperty hotel deal.
The hospitality fund is the company’s seventh fund but its first dedicated to hotels.
With the acquisition of The Harrison Glendale, JRK now owns and operates more than 3,500 multifamily units in California, including properties in Ventura and Riverside counties.
The company’s portfolio spans 23 states and has more than 30,000 multifamily and hotel units.
The Harrison Glendale is JRK Property Holdings’ first multifamily investment in L.A. since 2010.
