Billboard Press

JRK Property Holdings Acquires 17 Multifamily Property Portfolio Valued in Excess of $285 Million

JRK Property Holdings Real Estate Portfolio Now Exceeds over $3 Billion in Value

Los Angeles, CA

JRK Property Holdings, Inc. (“JRK”) today announced a major multifamily property acquisition from Apartment Investment and Management Company (“AIMCO”) valued in excess of $285 Million. The acquisition was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The portfolio, which represents the third joint venture with JRK Birchmont Advisors and the fourth transaction consummated with AIMCO, is the result of a direct negotiation that began in early 2008. This acquisition increases the value of JRK Property Holdings’ real estate portfolio to over $3 Billion.

The portfolio encompasses 17 multifamily properties in five states and will be managed by JRK Residential Group, JRK’s property management affiliate and one of the nation’s leading multifamily property managers. The properties acquired are located in Atlanta, GA; Charleston, SC; Cincinnati, OH; Columbus, OH; Fort Collins, CO; and Richmond, VA.

“Dislocation in the credit markets has created opportunities to acquire fundamentally sound multifamily properties at attractive prices, but you need to provide sellers with speed and certainty of execution in order to compete,” said Jim Lippman, Chairman and Chief Executive Officer of JRK Property Holdings. “We are well-positioned to capitalize on these opportunities due to the strength of our balance sheet, proven ability to close with certainty, and long-standing relationships with institutional owners.”

Founded in 1992, JRK Property Holdings and its JRK Residential Group subsidiary own and manage a $3 Billion real estate portfolio consisting of 189 apartment communities (over 38,000 units). JRK Property Holdings and its subsidiaries, JRK Birchmont Advisors, JRK Residential Group, and JRK Hotel Group, have 7 offices with properties located in 23 states and employ more than 1,800 real estate professionals throughout the United States. For more information about JRK Property Holdings, please visit http://www.jrkpropholdings.com. For more information about JRK Residential Group, please visit http://www.jrkresidential.com.

JRK Birchmont Advisors manages $203 million of private equity capital through its Birchmont Capital Partners I, L.P. fund which makes direct investments in income-producing real estate. This transaction represents JRK Birchmont’s eleventh investment through the fund. JRK Birchmont’s portfolio consists of 50 multifamily and commercial properties located throughout the United States that is valued in excess of $800 Million.

JRK Hotel Group, headquartered in New York, is the hotel management subsidiary of JRK Property Holdings and manages a portfolio of boutique and flagged hotels, valued in excess of $400 million, located in New York, NY; Los Angeles, CA; Santa Barbara, CA; and Nashville, TN.