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JRK Acquires 288-Unit Apartments in Bolingbrook
JRK Property Holdings has acquired Brook on Janes Apartments, a 288-unit Class-A multifamily community in the Chicago suburb of Bolingbrook, Illinois.
Kevin Girard, Roberto Casas, and Matt Lawton in JLL’s Chicago office represented the seller in the transaction. The acquisition was leveraged with attractive 10-year fixed-rate agency financing arranged by Annie Rice and Brandon Smith from JLL’s Los Angeles office.
Brook on Janes adds to the firm’s Chicago area portfolio that includes a 504-unit asset in Lombard and an 838-unit property in Arlington Heights in Arlington Heights. The property was acquired by JRK out of its JRK Platform 5 Fund, a $1 billion multifamily value-add and core plus fund that targets higher-quality, well-located multifamily investments built after 1990.
With this acquisition, the fund’s portfolio is comprised of institutional quality assets with an average year built of 2019 located in Illinois, Florida, Kansas, and California. “This acquisition expands our footprint in suburban Chicago, a market where we’ve had a lot of success,” said JRK President Daniel Lippman.
