In the second half of 2020, JRK Investors sold approximately $1 billion of apartment assets.

While many factors led to the dispositions, including a potential changing tax code, lessons from the pandemic were still fresh on executives’ minds. The assets had bridge floating-rate debt that matured in a couple of years. So JRK’s president Bobby Lee decided to pass on potentially better returns by selling the assets.

“We just felt like the uncertainty level went up,” Lee says. “I’m still very bullish on multifamily long-term, but I think the risk of something happening right now that you don’t foresee—something Black Swanish—is underpriced in the market today.”

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