JRK Property Holdings Closes on Two Separate Acquisitions for 592 Units in New Orleans, LA

LOS ANGELES - Rezul -- JRK Property Holdings out of its JRK Platform 5 Fund has acquired in separate transactions two luxury multifamily communities in New Orleans, LA.

The Delaneaux is a 210-unit, four-story luxury apartment community located at 1325 Annunciation St. and Lumina is a 382-unit, four-story luxury apartment community located at 3701 Conti St. Both properties were delivered in 2020 by the same seller and feature high end amenities including resort style pools, 24-hour wellness centers, and outdoor grilling areas.

Lumina is located on the popular Lafitte Greenway, a 2.6-mile walking and biking path that connects Mid-City to Downtown.  It is lined with walkable retail, including the famous French Truck Coffee on the ground floor of Lumina.

The Delaneaux benefits by its location directly across the street to the River District Development, a 40-acre mixed-used development which is planned for 735,000 square-feet of office space, and 220,000 square-feet of retail, museums, entertainment, residential, and lodging.  According to Axios New Orleans, the site will include the first class-A office building constructed in New Orleans since 1989 and will be anchored by Shell Oil for their regional headquarters.

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"We were drawn to both of these properties due to their superior construction quality and irreplaceable locations proximate to New Orleans' top-rated universities, medical research facilities, and premier dining and entertainment options," said Daniel Lippman, President at JRK Holdings.

While JRK boasts a multifamily portfolio of 1,258 units in Louisiana (Baton Rouge and Hammond), Delaneaux and Lumina mark the firm's entry into the city of New Orleans.

JRK continues to view Louisiana and New Orleans specifically, as a favorable market for multifamily investment due to its constrained supply pipeline, improving economy and promising rent growth forecast.  According to a report issued by Freddie Mac at the beginning of the year, New Orleans was projected to have gross rental income growth of 4.4% in 2025, which was second nationally to only Oklahoma City.

JRK Platform 5 Fund is a $1 billion multifamily value-add and core plus fund which targets value-add to core-plus, well-located multifamily investments with operational or physical repositioning opportunity, built after 1990.  The fund is now just under 40% invested and is expected to be nearly 60% invested by the end of the year.

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Founded in 1991, JRK Property Holdings (http://www.jrk.com) (http://www.jrk.com) is 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.