News Summary
JRK Property Holdings has entered the New Orleans market by acquiring two luxury apartment communities for approximately $150 million. The properties, The Delaneaux and Lumina, feature modern amenities and strategic locations near key developments. This investment aligns with JRK’s strategy to capitalize on market opportunities amidst a tightening housing supply and projected rent growth in the city.
New Orleans—JRK Property Holdings has announced its first multifamily investment in New Orleans, acquiring two luxury apartment communities as part of its strategic expansion into the city. The acquisition, valued at approximately $150 million, includes The Delaneaux, a 210-unit complex on Annunciation Street, and Lumina, a 382-unit property located on Conti Street.
Both properties, which were constructed in 2020, feature a variety of high-end amenities designed to appeal to modern renters. These amenities include resort-style pools, 24-hour fitness centers, and outdoor grilling areas. Lumina enjoys proximity to the Lafitte Greenway, a 2.6-mile corridor for walking and biking that connects Mid-City to Downtown and is lined with various retail businesses.
Further enhancing its attractiveness, The Delaneaux is situated across from the River District Development, a significant 40-acre mixed-use project that is expected to add 735,000 square feet of office space and 220,000 square feet of retail and entertainment. This development is projected to create thousands of new jobs, with Shell Oil set to anchor the project by establishing a regional headquarters.
The president of JRK Holdings emphasized the quality of construction and the advantageous locations of the newly acquired properties, which are situated near universities, medical research facilities, dining, and entertainment options.
JRK Property Holdings, based in Los Angeles, manages over 1,250 multifamily units across Louisiana, including properties in Baton Rouge and Hammond. The recent acquisitions signal JRK’s entry into the competitive New Orleans market, where they have recognized several favorable conditions driving their investment strategy.
Factors such as a constrained housing supply, a strengthening local economy, and projected rent growth have influenced JRK’s decision to invest in New Orleans. According to Freddie Mac, gross rental income in the city is expected to grow by 4.4% in 2025, ranking second nationally, following Oklahoma City.
The multifamily acquisitions were made through JRK’s Platform 5 Fund, a $1 billion fund targeting value-add and core-plus properties built after 1990. Currently, the fund is about 40% invested and aims to reach nearly 60% by year-end, with additional property acquisitions under contract nationwide expected to close within the next 60 days. Full deployment of the fund is anticipated within the next 18 months.
The properties were marketed by Walker & Dunlop on behalf of the seller, further indicating the continued interest in the New Orleans real estate market. JRK Property Holdings holds a diverse portfolio with assets totaling $8 billion across 25 states, which includes approximately 30,000 multifamily units and 10 luxury or branded hotels.
As JRK Property Holdings continues to expand its footprint in the multifamily sector, the acquisitions in New Orleans represent a significant milestone for the firm, solidifying its commitment to capitalizing on emerging market opportunities and meeting rising housing demands in a growing urban environment.
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Author: STAFF HERE NEWORLEANS WRITER
NEW ORLEANS STAFF WRITER The NEW ORLEANS STAFF WRITER represents the experienced team at HERENewOrleans.com, your go-to source for actionable local news and information in New Orleans, Orleans Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as French Quarter Festival, New Orleans Jazz & Heritage Festival, and Essence Music Festival. Our coverage extends to key organizations like the New Orleans Chamber of Commerce and Greater New Orleans, Inc., plus leading businesses in energy, healthcare, and education that power the local economy such as Entergy, Ochsner Health, and Tulane University. As part of the broader HERE network, including HEREShreveport.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
