JRK Property Holdings

JRK Property Holdings
Company type	Private
Industry	Property management, real estate, holding company
Founded	1991; 33 years ago
Founder	Jim Lippman
Headquarters	Los Angeles, California, United States
Key people	Jim Lippman (chairman and CEO); Bobby Lee (president and COO;
Total assets	5 billion (2016)
Number of employees	1,200+ (2016)
Subsidiaries	JRK Hotel Group; JRK Residential Group
Website	JRK website

JRK Property Holdings is a Los Angeles based real estate holding and property management company. In 2014, JRK was the 15th largest apartment owner in the United States as ranked by the National Multi Housing Council.^[1]

History

The company was founded in 1991 by Jim Lippman, who currently serves as chairman and chief executive officer.^{[citation needed]} JRK was created with the purchase of five multifamily properties from an RTC pool of Executive Life assets that Lippman had been managing via receivership.^[2] Twenty years later, the company has amassed a commercial portfolio throughout the United States valued in excess of $5 billion and, in 2008, became a member of the National Multifamily Housing Council's NMHC 50 – a list of the nation's fifty largest apartment owners.

In June 2022, JRK Property Holdings served eviction notices to 38 families at their residential complex: Redbank Village of South Portland, Maine. Acquired in late 2021, JRK Property Holdings immediately increased rent fees by 22% at the 40-year old complex. A CBS news affiliate, WGME, documented long-standing safety and health problems at Redbank Village apartments. And, WGME noted that Maine law stipulates "landlords must fix problems that are unsafe or could make you sick before they can charge more for rent." Evicted residents were less than a month behind in the excessive $2,400 monthly rent Redbank Village now charges. WGME stated that apartments range from 535 to 825 square foot and tenants pay all utilities, lawn care and snow removal services. The over 70 people to be evicted included some disabled and elderly.

The company is known for extremely aggressive and unethical practices including raising rents 10+% with no proptery improvements, giving their asset managers targets for % of security despoits kept, and owning utility companies that provide services to their properties so that they can tack on additional fees to their tenants (this would typically be illegal were they owned by the same company).^[3]

Portfolio

The company's portfolio consists of residential, commercial and hotel properties.

Hotel properties

Through the company's hotel division, JRK Hotel Group, the company operates a number of notable hotels, including Oceana Beach Club Hotel in Santa Monica, California, the Holiday Inn Express and the Sheraton Nashville Downtown Hotel, both in Nashville, Tennessee.^{[citation needed]}

Commercial properties

The company's commercial properties consist of office complexes, storage facilities and industrial parks.^[4]

Residential properties

Through the company's multifamily division, JRK Residential Group, the company operates an additional 80 residential properties, consisting of 25,000 units in 26 different states.^[5]

References

^ "The Nation's 50 Largest Apartment Owners and 50 Largest Apartment Managers" (PDF). nmhc.org. National Multi Housing Council. 3 February 2015. Archived from the original (PDF) on 2014-06-30. Retrieved 10 March 2015.
^ "JRK Birchmony Advisors Sets Out to Redefine Multifamily Value-Add". Multi Family Executive. 20 April 2010. Retrieved 10 March 2015.
^ "'They don't care': Redbank Village serves eviction notices to South Portland families". WBME CBS13. 6 June 2022. Retrieved 6 June 2022.
^ "Bloomberg Business: Company Overview". Bloomberg. Retrieved 10 March 2015.
^ "JRK Property Holdings Acquires 360-Unit Citra at Windermere Apartment Community in Orlando". Multi-Family Business. 27 January 2015. Retrieved 10 March 2015.

External links

JRK Property Holdings official website

[1] "The Nation's 50 Largest Apartment Owners and 50 Largest Apartment Managers" (PDF). nmhc.org. National Multi Housing Council. 3 February 2015. Archived from the original (PDF) on 2014-06-30. Retrieved 10 March 2015.

[article-2] "JRK Birchmony Advisors Sets Out to Redefine Multifamily Value-Add". Multi Family Executive. 20 April 2010. Retrieved 10 March 2015.

[CBS13-3] "'They don't care': Redbank Village serves eviction notices to South Portland families". WBME CBS13. 6 June 2022. Retrieved 6 June 2022.

[bloomberg-4] "Bloomberg Business: Company Overview". Bloomberg. Retrieved 10 March 2015.

[article2-5] "JRK Property Holdings Acquires 360-Unit Citra at Windermere Apartment Community in Orlando". Multi-Family Business. 27 January 2015. Retrieved 10 March 2015.

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