JRK Property Holdings, Inc. (JRK) has acquired The Harrison Glendale, a 164-unit mixed-use luxury multifamily property in Downtown Glendale, CA in an off-market transaction for $90.7 million
JRK, one of the largest multifamily landlords in the United States, with a portfolio comprised largely of suburban garden-style communities, is seeking to expand its multifamily holdings with more urban infill product, according to Vice President of Acquisitions Daniel Lippman.
“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.” said Lippman
The Harrison Glendale is located at the southwest corner of Wilson and Central Avenues in Downtown Glendale, 12 miles north of Downtown Los Angeles. It is one block from the Glendale Galleria and The Americana Brand, two of Southern California’s most popular destination shopping centers representing approximately 2.5 million square feet of retail, dining and entertainment space.
Built in 2018, two five-story LEED Certified buildings surround a central courtyard with resort-style pool, park and barbecue area. Residential units include studio, one- and two-bedroom floor plans with high end finishes. At street level is a 15,000-square-foot CVS pharmacy. A two-level subterranean garage provides 239 parking stalls. Other common area amenities include a two-level fitness center, yoga studio, club room and dog run. An expansive rooftop deck with fire pits, barbecues and bar, offers unobstructed views of Glendale and the surrounding mountains.
The property was 96 percent leased at closing.
For JRK, which now owns and operates over 3,500 multifamily units in California, The Harrison Glendale marks the firm’s first multifamily investment in Los Angeles County since 2010. JRK’s Southern California portfolio also includes assets in Ventura County and Riverside County.
The property was marketed on behalf of the seller, a Las Vegas-based developer, by the CBRE Los Angeles team led by Dean Zander and Stewart Weston.
The acquisition was financed with Agency Debt through Freddie Mac’s Green Advantage program arranged by Robert Falese of Berkadia.
