Investments with Sponsors Blue Ocean, Edison Equity Partners AreJCR’s First In Newest Fund
JCR Capital, an alternative investment manager focused on middle-market commercial real estate investments, today announced it has invested in two apartment communities with a combined capitalization of over $50 million. The investments kick off JCR Capital’s new fund.
“We are hyper-selective in our choice of sponsors, so we are thrilled to make these investments with Blue Ocean and Edison Equity - seasoned partners who know how to identify high-quality value-add opportunities,” said Jay Rollins, President and CEO of JCR Capital. “These investments are reflective of JCR Capital’s long-term strategy to invest in middle-market real estate, an under-served segment of the market which we believe provides attractive risk-adjusted returns for our investors.”
The first investment, The River Front Apartments in Savage, MD, is a 144-unit gated waterfront residential community of 14 two-story buildings and 220 surface parking spaces. It was acquired by Blue Ocean, a full-service real estate investment and management company headquartered in Baltimore. Blue Ocean and JCR have partnered together on several previous investments in Maryland.
The River Front Apartments, built in 1974 along the banks of the Little Patuxent River in Howard County, is steps from the Historic Savage Mill retail center of shops and restaurants, and a few miles from downtown Columbia. It provides residents immediate access to Washington, D.C., Baltimore, Annapolis and Northern Virginia.
The investment, which closed in early February, will help fund a capital improvements program to increase the asset’s profitability and enhance tenant quality-of-life, including the installation of in-unit washer/dryers; renovation of common areas; and new mailboxes, signage and landscaping across the property. The property currently features an private balcony/patios, and above-standard ceiling heights. Floorplans are offered in one-, two- and three-bedrooms, ranging from 940 to 1,180 square feet.
The second investment, Heritage Village in Hurst, TX, is a 120-unit age-restricted (55+) apartment community. It was acquired by Edison Equity Partners, a full-service real estate investment firm based in Dallas, TX. Edison is also a repeat partner of JCR’s.
Heritage Village, built in 2013, is comprised of one four-story midrise building and ten two-bedroom cottages totaling 2.3 acres, with carports and garages. The property is strategically located directly adjacent to the Hurst Senior Center, where residents are given free membership in exchange for the Senior Center’s ability to access the property’s indoor pool for daily classes. The property is also adjacent to the 45-acre Hurst Community Park and within one mile of the 2.1 million-square foot North East Mall.
About JCR Capital
JCR Capital is an alternative investment manager that provides capital solutions to middle market commercial real estate sponsors. Investing on behalf of insurance companies, public pension funds, endowments, foundations, family offices and high-net worth individuals, JCR Capital partners with sponsors whose transactions are in need of financing but are under-served by institutional capital. JCR Capital was founded by Jay Rollins and Maren Steinberg, who continue to manage the firm. For more information, visit jcrcapital.com/. All investments have risk of loss and JCR Capital cannot guarantee any investment strategy will achieve its goals and objectives.
