March 30, 2012: The Duperron Group completes acquisition of Apartment Complex from JRK Property Holdings
The Duperron Group, Vancouver, BC is pleased to announce the purchase on March 30, 2012 of Oaks at Cypress Station Apartment Complex in Houston, Texas. Company President Dean Duperron, FRSA stated “Our research has shown Houston to be growing city, both in jobs and population with strong fundamentals. We will be adding to our portfolio in this market for the next while.”
The Oaks at Cypress Station Apartment complex is located at 1000 Cypress Station Drive in the Medical Centre of Houston with nearby hospitals, clinics as well as the new Exxon Mobil campus opening only minutes away in 2015 bringing another 8,000 people to the area. Oaks is gated community on 12 acres having 41 building with 294 units with a mix of 1 bedroom, 2 bedrooms and 3 bedroom apartments. Amenities include 3 swimming pools, a club house, an exercise facility and 3 laundry mats.
The lead on this project from The Duperron Group’s side was Lance Edwards (of First Cornerstone Group) who negotiated the successful bid process amidst heavy competition. The project was awarded on the basis of a quick due diligence process and certainty in closing.
Ed Nowokidi, Senior Director for Cushman-Wakefield, who brokered the deal said, “Much credit to JRK for managing the property so well, it made our job easy. The attractiveness of Oaks at Cypress Station, unit size and location created a strong demand in the market area. We were impressed with the speed and focus in which the Duperron Group (Oaks buyers) pursued the bid process, their due diligence and closing. They responded timely to every challenge, and helped the assumption process and closing get done ahead of schedule. We look forward to more successful transactions with the Duperron Group.
The Duperron Group gratefully acknowledges JRK Property Group’s President Bobby Lee for his hands on approach to this transaction. Given JRK has over 42,000 units it speaks well of Mr. Lee that he took the time to work with us every step of the way form the initial Letter of Intent to closing.
About the organizations:
The Duperron Group is an organization with multiple interests. They have been investing in real estate for 15 years with interests in housing and commercial buildings. Currently the focus is their real estate division is on the acquisition of multifamily complexes in the Houston area. The organization also has a 30 year history of operating a private college internationally which at one point started 2600 students annually, as well as a generous record of supporting various philanthropic projects with over $20,000,000 in the last 20 years.
First Cornerstone Group, LLC was formed in 2004 by Lance Edwards. In 2005, Lance retired from his 20 year corporate career to start a full-time real estate business that acquires multifamily properties, and teaches others how to create faster financial freedom by purchasing apartments using none of their own money. His widely successful Webinar training talks and Boot Camp programs aid buyers by giving them all the skills they need to find a potential deal, evaluate the deal, and ultimate purchase their own multifamily property.
JRK Property Holdings was founded 1991 to own and operate multifamily properties. JRK’s strategy was simple: to acquire underperforming or undervalued apartment buildings, actively manage them to maximize cash flow, and opportunistically refinance or sell to local and regional operators. In 1992, Los Angeles-based JRK closed on its first acquisitions, the La Privada Apartments and the Northridge Apartments, which were purchased from the Resolution Trust Company. Over the next two decades, JRK formed a series of partnerships and joint ventures, including a $203 million private equity fund in 2007, to acquire, own and operate in excess of 47,000 multifamily units. In 2010, JRK was recognized as one of the largest multifamily owners and managers in the United States by both the National Multi-Housing Council and Multifamily Executive Magazine.