Home Finance Los Angles Investor Buys Marysville Apartment Complex for $60.75MM

Los Angles Investor Buys Marysville Apartment Complex for $60.75MM

JRK Property Holdings, Carroll's Creek Landing Townhomes, Marysville, Gateway Development Group, The Boulders at Puget Sound, Tacoma

By Vladimir Bosanac

JRK Property Holdings, a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States purchased the Carroll’s Creek Landing Townhomes in Marysville, WA for $60,750,000. The complex is comprised of 288 units, making the per unit sale price approximately $210,937. The sale was for two lots, one for the apartment homes, which was for $60,597,772, and the other for an adjacent lot for $152,228.

The seller was Gateway Development Group, a Maryland company.

Carroll’s Creek Landing Townhomes were built in 2002, and they feature a combination of 2-, 3- and 4-bedroom town homes that range from 1,110-1,599 square feet with attached garages, according to apartments.com. The complex has only five units available for lease, according to the web site, and it is offering a new management rent special of $250 off of first month’s rent. The complex offers a 24-hour fitness facility, a BBQ/picnic area, and it is in close proximity to local retail centers and US Interstate 5.

JRK manages approximately $5 billion of investment capital in a portfolio spanning 20 states with over 32,000 multifamily units, and luxury and flagged hotels, according to its web site. Most of its properties are located in the eastern and southeastern United States, however the investor does own one property in the state of Washington—The Boulders at Puget Sound, a 713 unit property in Tacoma, WA.