LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009.
Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes 260 units housed in 19 one-and two-story residential buildings. In 2021, six two- and three-story residential buildings with 141 units along with a clubhouse and resort-style pool and a hot tub were integrated into the property. According to Cushman & Wakefield, which marketed the property on behalf of the seller, Chicago-based Waterton, Chase Knolls is only one of 12 institutional apartment communities — consisting of 100 or more units — built in Sherman Oaks in the past 75 years.
Berkadia represented the seller, Bethesda, Maryland-based JBG Smith, in the WestEnd25 transaction. WestEnd25 is a 10-story high-rise community in Washington, D.C.’s West End neighborhood, between Georgetown and Dupont Circle. It includes a mix of studios and one- and two-bedroom units including 21 penthouse homes and eight units designated as affordable, though rent restrictions were not disclosed. JRK plans to make improvements to the common areas and amenities, focusing on the fitness center, rooftop amenity spaces and pool. JRK will update interiors when existing tenants move out. JBG Smith sold the asset for $186 million.