JRK Property Holdings Acquires Hyatt-Branded Hotel Portfolio in San Juan, Puerto Rico

Hyatt House San Juan, Puerto Rico

Hyatt House San Juan, Puerto Rico

LOS ANGELESJan. 11, 2024PRLog — JRK Property Holdings, through its $350 million hospitality fund, has acquired a two-property, 275-key Hyatt-branded hotel portfolio in San Juan, Puerto Rico from the PRISA Group for an undisclosed price.

The portfolio comprises two premium select-service hotels located within the Puerto Rico Convention District: the 149-room Hyatt Place San Juan and 126-room Hyatt House San Juan.  Developed by the seller within the past eight years, both properties have been recently renovated including lobby refresh, updated F&B outlets, and guestroom and corridor improvements.   Both properties were designed to meet the demands of San Juan’s vibrant leisure, corporate, and tourism business with resort style pools, fitness centers and meeting and event space.

The hotels benefit from numerous demand drivers including their proximity (one block) from the 600,000-square-foot Puerto Rico Convention Center, the largest and most technologically advanced conference facility in the Caribbean; and the Distrito T-Mobile, a 476,000-square-foot entertainment, dining and performance venue, which attracted 3 million visitors in 2022.

JRK’s Hospitality Fund focuses on full- and select-service hotels for opportunistic and value-add investments across the nation. The fund targets transactions of more than $25 million and up to $1+ billion for portfolios, which would be made through its fully discretionary fund comprised of high-net worth individuals, or through joint ventures with strategic partners.

This is the first investment outside the continental United States for JRK, which hopes to build its hotel portfolio in Puerto Rico, according to Head of Hotel Investments Shaan Bhatia.

“San Juan is one of the strongest RevPar markets in the United States, with consistently strong occupancy and a healthy growth trajectory,” said Bhatia.   “The expected rate cuts by the Fed in 2024 should stimulate discretionary spending, which would only serve to improve Puerto Rico’s already resilient hospitality fundamentals.”

“The Puerto Rico hotels deliver tremendous going-in cash flow to our investors on new institutional quality construction while offering several levers for additional value creation,” added JRK President Daniel Lippman.  “We’re thrilled with the continued expansion of our national hotel portfolio and look forward to finding similarly compelling opportunities in 2024.”

San Juan trails only New York City and the island of Oahu  in average occupancy commanding a 74.7% average occupancyrate  since 1994, according to JLL’s Hotels and Hospitality Group which marketed the portfolio on behalf of the seller.

Members of the JLL team included Andrew Dickey, Maciej Polek and Mark Fisher.

About JRK Property Holdings

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.  JRK pursues value-added opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow.  JRK’s $7 billion of assets under management is dedicated to a portfolio spanning 25 states with over 30,000 multifamily units, and luxury and flagged hotels.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

Meares Property Advisors Announces Liquidation of Charleston Lamp Company

 Charleston Lamp Company Announces Closure after 42 Years in Business.

After four decades of illuminating homes with its distinctive selection of linen and parchment lamp shades, designer lamps, table lighting, chandeliers, and lighting accessories, Charleston Lamp Company announces the closure of its doors. The company has been an iconic presence in the lighting industry, serving as the exclusive destination for discerning customers between Savannah, Georgia, and the North Carolina line.

Meares Property Advisors, Inc. (formerly Meares Auctions, Inc.) has been entrusted with the task of liquidating the assets of Charleston Lamp Company. The renowned auction house is set to conduct a series of auctions to give customers an opportunity to acquire these unique and timeless lighting pieces.
Meares Property Advisors, Inc will be hosting three separate online auctions to liquidate the inventory. Each auction will feature a curated selection of linen and parchment lamp shades, designer lamps, table lighting, chandeliers, and various lighting accessories. The auctions present a rare chance for customers to own a piece of the unique and distinguished collection that has been a hallmark of Charleston Lamp Company.

“We are excited to partner with Charleston Lamp to assist in the closure of their business. Louis and Todd have been a joy to work with as they wind down their operations,” added Darron Meares, President of Meares Property Advisors, Inc.

The inventory will be divided into three auctions, providing participants with the flexibility to register for one or all three auctions using the same bid number. This innovative approach allows bidders to explore the entire range of offerings and secure their favorite pieces from Charleston Lamp Company.

Auction Dates:
December 20 – December 27 – 500 Lots of lamps, shades, decorative items
December 20 – December 28 – 500 Lots of chandeliers, lamps and shades
December 20 – December 29 – 422 Lots of lamps, shades, lighting parts and accessories

Participants can register for the auctions on the Meares Property Advisors, Inc website www.SoldSC.com. Detailed information about the items, bidding process, and auction logistics can also be found on their website.

For media inquiries, please contact: Darron Meares, President, Meares Property Advisors, Inc. at 864.947.2000.

About Charleston Lamp Company: Charleston Lamp Company has been a pillar of the lighting industry in Charleston and surrounding areas, offering an exclusive selection of linen and parchment lamp shades, designer lamps, table lighting, chandeliers, and lighting accessories for over 42 years. The company has been dedicated to providing quality and style to its customers, making it a beloved destination for lighting enthusiasts.

About Meares Property Advisors, Inc: Meares Property Advisors, Inc is a leading auction and appraisal firm specializing in the sale of real estate, equipment, and personal property. With a commitment to professionalism and excellence, Meares Property Advisors, Inc provides comprehensive auction services to clients across various industries.

Meares Property Advisors, Inc.
Darron Meares
864-947-2000
www.MPA-SC.com

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Boxer Property Joins Yardi Data Connect Beta Program

 Boxer Property is excited to announce that it has deployed Yardi™ Data Connect, a powerful new tool creating a direct connection between Boxer’s Yardi data and Microsoft PowerBI.

Data Connect is a new product that empowers Boxer to leverage its Yardi datasets and reports across business units and use cases. By bringing this information into an existing Power BI implementation, Boxer can facilitate collaboration, create richer data sets, and further the use of advanced analytics and artificial intelligence in commercial real estate.

Boxer Property, a Yardi customer and advocate for over 25 years, will utilize staff from Relay Human Cloud to assist in implementing, designing, and administering the tool and related data projects.

Boxer Property’s President, Justin Segal commented, “Access to Data Connect at this early stage will help keep us ahead of the curve. Yardi is an integral part of our operation, and, with support from Relay Human Cloud, we are already benefiting from Data Connect’s improved data visualization and real-time analysis.”

Relay Human Cloud provides international remote employees to multiple commercial real estate businesses. By working with Boxer, Relay is further developing expertise of Yardi systems, services, and software. Relay Human Cloud’s President, Michael Pariza, added “We thank Boxer for giving us this opportunity to further our reputation as the leader in providing Yardi experienced and trained staff.”

About Boxer Property
Boxer Property is celebrating over 30 years as an innovative commercial real estate investment and management company. Boxer Property Management Corporation is a privately held firm based in Houston that manages, leases, and administers retail, medical, hospitality, and office properties with over 13 million square feet across more than 140 locations, nationwide. For more information, visit www.BoxerProperty.com.

About Relay Human Cloud
Relay Human Cloud was formed in 2020 to revolutionize global work by providing companies access to a global talent pool and expand into new markets without the traditional risk. With technology and a business model that makes sense to both employers and employees, Relay provides the tools and resources to easily hire, manage, and pay talent regardless of location. Relay has locations in India, Honduras, and Mexico. To find out more, visit: relayhumancloud.com

Boxer Property Management
Andy Hilditch
713-777-7368
www.boxerproperty.com

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Dynamic Property Duo Andrew Winter & Neale Whitaker return for a brand-new season of Love It Or List It

WEBWIRE

FOXTEL today announced the highly anticipated fifth season of FOXTEL Original Love It or List It Australia hosted by real estate expert Andrew Winter and design guru Neale Whitaker will premiere on Wednesday 27 September 2023 on FOXTEL.

Winter, renowned for his extensive experience in the real estate industry brings his candid advice and valuable market insights, along with Whitaker, one of Australias foremost style gurus with an impeccable eye for detail and flair, will help property owners across Australia who are faced with one of lifes challenging decisions, to renovate or relocate.

This much-loved property series with its signature blend of real estate reality and design inspiration promises to bring another season filled with surprising twists and stunning transformations as homeowners negotiate their housing dilemmas. Its one of the biggest decisions of their lives, with stakes made even higher this season as families face tough economic conditions, with soaring prices and biting interest rates.

Andrew Winter said: We are finally back for season 5 and what a dynamic six months we have had. To be honest at the start of the season we were concerned about the market and if homeowners would see capital growth over the short term – thats tricky in the best markets. It was not the easiest scenarios for either of us with concerns for the homeowners over capitalising and a market with literally nothing for sale. Are results predictable? Absolutely not.

Ive loved working on this season, what is not to like? It is just a fun format, and it is all real, real-life dilemmas, real homes, and real renovations.

Neale Whitaker said: Its exciting to finally be back with a new season of Love It Or List It Australia. I may be biased, but I genuinely believe season 5 is our best yet. The worlds changed quite a bit since out last season and Andrew and I both knew we were in for a rollercoaster of tight renovation budgets, demanding deadlines and challenging property searches. Throwing unpredictable human emotions into the mix made it a white-knuckle ride. For me the result is ten very different renovations that give the homeowners bang for their buck and life-changing potential.

Love It Or List It Australia is produced by Beyond Productions, a Banijay Company exclusively for FOXTEL. Format created by Big Coat Productions and represented by Banijay Rights.

JRK Property Holdings Acquires San Jose Apartment Community for $93.5 Million

Investment is third out of the Los Angeles-based real estate firm’s recently closed $1B Fund

Duo San Jose, Ca

Duo San Jose, Ca

LOS ANGELESAug. 24, 2023PRLog — News From JRK Property Holdings
JRK Property Holdings has acquired Duo Apartments, a 301-unit Class-A multifamily community in San Jose, CA for $93.5 million.

Duo marks the third acquisition out of JRK Platform V, the Los Angeles-based real estate investment and management firm’s newest multifamily value-add fund which targets higher-quality, well-located multifamily investments built after 1990.  The $1.0 billion fund which closed in October 2022 is 13% invested to date.  The fund’s portfolio is comprised of institutional quality assets with an average year built of 2019 and geographic diversity between Florida, Kansas, and California.

JRK recently completed fundraising and is also currently investing out of its $200 million MF Opportunities III, which targets value-add multifamily assets built before 1990.   The investment vehicles are funded with capital from institutional investors, high-net worth individuals, and family offices. Through its current and predecessor funds, JRK owns and operates $7 billion in multifamily assets.

“The increasingly challenging credit environment and elevated interest rates have set the stage for imminent distressed sales despite strong underlying multifamily fundamentals,” said JRK President Daniel Lippman. “As well-capitalized buyers with predominantly long-term fixed rate financing on our existing portfolio, we are excited to have $1.1 billion of dry powder available to acquire high-quality real estate at incredible values as owners face equity shortfalls from cash-in refinances or otherwise capitulate to cap rate expansion.”

Built in 2021 by the seller, Duo is located at 6670 Emergent Way in one of San Jose’s largest mixed-use transit-oriented developments. Duo is served by Caltrain, trains, busses, and light rail, which provides residents with a wide variety of commuting options throughout the entire San Francisco Bay Area.  Additionally, plans for substantial transit-oriented development near Diridon Caltrain station, will bring thousands of new jobs and residents to the area, creating additional demand for quality rental housing.

Duo offers a mix of single, one-, two-, and three-bedroom apartments housed in two, four-story residential buildings. Residents at Duo enjoy many high-end amenities including controlled access parking, a 24-hour state-of-the-art fitness center, arcade room with HD golf simulator, resort-style pool with cabanas, co-working spaces with private conference rooms, and outdoor grilling areas. The property is located a little over a mile from the Blossom Hill Caltrain station, which is only three stops from Downtown San Jose, providing abundant retail, dining, theater, art, and entertainment options.

Duo also benefits from San Jose’s strong employment base. Companies that call San Jose home include Adobe, Western Digital, Cisco, IBM, Samsung, eBay, and PayPal. In addition, the property is within walking distance to Kaiser Permanente San Jose, one of the City’s largest employers which has an employee base of more than 1,600.

Duo was 97% leased at closing.

Duo was financed with a 10-year fixed rate loan from Freddie Mac, placed by Institutional Property Advisors, which also marketed the property for sale on behalf of the seller.

About JRK Property Holdings
Founded in 1991, JRK Property Holdings (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.  JRK pursues value-added opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow.  JRK’s $7 billion of assets under management is dedicated to a portfolio spanning 25 states with over 30,000 multifamily units, and luxury and flagged hotels.

Contact
Brandon Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com