Latest news with #BobbyLee
Yahoo
02-07-2025
- Business
- Yahoo
JRK Property Holdings enters Washington, DC
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Properties: WestEnd25 and Chase Knolls Buyer: JRK Property Holdings Seller: JBG Smith and Withheld Property type: High rise and garden style Units: 684 Location: Washington, D.C. and Sherman Oaks, California Total purchase price: $315 million JRK Property Holdings announced several deals in the second half of 2024. Now, the Los Angeles-based real estate investment firm appears to be experiencing another growth spurt, as it has added 684 units to its apartment portfolio after closing on apartment communities in Los Angeles and Washington, D.C., for more than $315 million total. Despite the coasts being out of favor among some investors, JRK sees an opportunity. 'We feel that many 'blue' markets nationally have been oversold and present good long-term value,' CEO Bobby Lee told Multifamily Dive. JRK acquired the properties through its $1 billion Platform 5 Fund, a multifamily value-add and core-plus vehicle focused on high-quality assets built after 1990 with operational or physical repositioning opportunities, according to a news release shared with Multifamily Dive. WestEnd25, a 10-story high-rise apartment building in Washington, is a short walk to the neighborhoods of Georgetown and Dupont Circle. The property, built in 2009, offers a mix of 283 large studio, one- and two-bedroom apartment homes, including 21 penthouse units. JRK plans to update the property with a state-of-the-art fitness center, redesigned rooftop amenity spaces, resort-style pool and sundeck and updated unit interiors when a resident vacates. Berkadia marketed the property on behalf of the seller, identified by The Washington Business Journal as Washington, D.C.-based JBG Smith. With the acquisition of WestEnd25, a 283-unit high-rise community, JRK enters the Washington, D.C. market — a metro area it has been tracking for several years. The firm wasn't deterred by concerns about DOGE and government cuts when buying the property. 'We felt that the WestEnd25 property was being painted by that same brush even though it has very little exposure to end sectors being affected by these types of cuts — government or government contractor jobs,' Lee said. 'Typically, we like to bolt on acquisitions in metro markets once we take a toehold, so I see Washington, D.C., as being a future growth market for us.' The acquisition of Chase Knolls, a 401-unit garden-style community in Sherman Oaks, California, was financed in a joint venture with another JRK Fund, MF Opportunities III, a $200 million vehicle that targets 1989 and older, value-add to core plus product., Chase Knolls sits on a 14-acre site that spans nearly two city blocks in the heart of Los Angeles' San Fernando Valley. The property was originally constructed in 1949, featuring 260 art deco apartment homes in 19 one- and two-story residential buildings. In 2021, six modern two- and three-story residential buildings with 141 units, along with a clubhouse and resort-style pool and spa, were added to the property. JRK will begin a multimillion-dollar capital improvement to improve community amenities and common areas. Chase Knolls is one of only 12 institutional apartment communities built in Sherman Oaks over the past 75 years, according to Cushman & Wakefield, which marketed the property on behalf of the seller. The asset is situated near award-winning schools, offers walkability to a variety of retail options and provides access to surrounding major employment hubs, including Glendale, Burbank, Universal City, downtown Los Angeles and Warner Center, according to JRK. JRK plans to deploy the remainder of Platform 5 and MF Opportunities III over the next 18 to 24 months. 'Stability in the Treasury and credit markets has provided a great window for us to acquire assets, and we expect to acquire $2 billion to $3 billion over the next 18 to 24 months as long as Treasury markets stay relatively calm,' Lee said. JRK, with a strong balance sheet and the capital to make deals, has found limited competition for many of the assets that it's targeting, according to Lee. 'Many other bidders do not have the capital fully raised and are more susceptible to [limited partner] sentiment tied to the volatility of public equity and debt markets,' Lee said. 'It is no coincidence that we are stepping on the accelerator pedal in the face of historical volatility in the equity markets.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Essex assumes ownership of California asset
Yahoo
30-05-2025
- General
- Yahoo
‘They say the right things': Veterans react to 12-bill package passing
HUNTSVILLE, Ala. (WHNT) — Alabama Lieutenant Governor Will Ainsworth announced that a 12-bill package passed the Legislature during the 2025 session, with all bills focused on improvements for veterans who call Alabama home. The bills address a wide variety of needs, with Ainsworth's Office saying the bills 'will help ensure that our state remains the nation's friendliest and most welcoming for active service members, veterans, and their dependents.' TVA asking Jackson County residents for input on proposed Pumped Storage Hydro project At first glance, veterans said that while the bills look great in writing, they have to wait and see the plans come to fruition. They're great as they're written,' Veteran Bobby Lee said. 'They have the right words. They say the right things. It's now up to the people that are going to execute it. Do you stick to the letter of the bill?' The bills cover topics from expanding the Veteran Treatment Courts to making certain allowances for military spouses with out-of-state job licenses. Veterans said two efforts stuck out the most: working to improve mental health services and the new Veteran Resource Center. 'It's a very good start,' Lee said. 'Again, it's got to be the emphasis; it can't just be the flavor of the month. Not everybody that has a mental health issue is the person that's huddled up against a building and got their knees pulled up. There are folks out there every day who you don't know…Mental health is the big ball in the sky, so to speak, with health care right now for all veterans, there's a stigma attached to it…We've got to get people to overcome that.' Broadband project brings internet to 600 homes in Killingsworth Cove 'Mostly the mental health, and I know that's a big issue,' Veteran Joseph Gaur said. 'I hope it'll create more awareness and more classes to make more veterans aware of their mental health and to help them.' The bills aim to do what Gaur is addressing through several methods. Arguably, the most notable effort is the opening of the Veteran Resource Center in Montgomery. Ainsworth's office said it is aimed to 'assist military members entering the private sector with employment services, benefits navigation, education opportunities and mental health services.' 'Alabama Veterans Resource Center is going to address an awful lot of overarching issues,' Still Serving Veterans CEO Rich Landolt said. 'Three stressors in anybody's life are death of a loved one, whenever you're moving and whenever you start a new job. And, that veteran is doing two of those three as soon as he starts transitioning out. So, the sooner you can get him into a job and, create that stability in the family, everybody is in a better place.' Rich Landolt is the CEO of Still Serving Veterans and a retired U.S. Navy Rear Admiral. He said the work they're planning to do at the new center is some of what his non-profit does daily, from career transition assistance to benefits navigation. Because of this, Landolt said Still Serving Veterans will be a key player in the Veteran Resource Center's development. 'We're a victim of our own success, and my VA team here has a three-month backlog,' Landolt said. 'As a member of the Workforce Board, the Governor's Workforce Board, and as a CEO of Still Serving Veterans, I can help guide the discussion down in Montgomery as well. And, that'll be helpful, because I've already told them we'd be happy to train up a couple of our counselors to live down there and help with helping that veteran find a job.' Landolt's proposal to hire some of SSV's personnel at the new center is looking like it may become a reality. 'Vice Chairman of the Governor's Workforce Board is a man named Greg Shuman, and he reached out to us with this proposal to hire a couple of our people down there in Montgomery,' Landolt said. 'And we jumped right on it. So we've been able to influence the discussion before this came out.' There are no official plans or an intended opening date for the Veteran Resource Center, as it is still in its early planning stages. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Associated Press
17-04-2025
- Business
- Associated Press
Ballet Announces the Launch of XRP Cold Storage Coin Ahead of XRP Las Vegas 2025
Las Vegas, Nevada, United States, April 17, 2025 -- Ballet, known for delivering premium crypto security products, announces the launch of the Ballet XRP Cold Storage Coin, a dedicated offline storage solution designed exclusively for XRP holders. Building on the success of the Ballet Bitcoin Cold Storage Coin and the immense popularity of the Ballet REAL XRP Cold Storage Card, this latest innovation delivers a secure, user-friendly solution tailored to the XRP community. Crafted from premium stainless steel for superior durability, the XRP Cold Storage Coin is a self-custodial, self-loaded solution that gives users the freedom to securely store their XRP with confidence. This XRP-exclusive cold storage wallet reflects Ballet's commitment to crypto security while addressing the increasing demand for a safe and effortless way to store XRP. By combining robust security with intuitive usability, this new offering sets a new standard for XRP cold storage. With the XRP Cold Storage Coin, traders, investors, or enthusiasts of XRP can enjoy the same robust security features found in Ballet's signature cold storage wallets and rest assured that their XRP is stored safely offline, protected from hackers and online threats. The Ballet XRP Cold Storage Coin is designed for simplicity and security. It offers a seamless user experience for both beginners and seasoned investors, with no setup, maintenance, or technical knowledge required, nor passwords and seed phrases. Users can pair their coin with the Ballet Crypto app to effortlessly view balances, load XRP onto their coin, and transfer funds, making storing and gifting XRP easy. The XRP Cold Storage Coin features Ballet's patented Two-Factor Key Generation (2FKG) process, where two separate key components, the private key entropy and passphrase entropy, are created in separate secure facilities by independent teams. These components are never combined or exposed to any single party until they are in the hands of the end user, meaning that the customers are the only ones with full and exclusive access to their private key. Ballet will showcase the XRP Cold Storage Coin at XRP Las Vegas, the largest XRP conference in the world, on May 30–31, 2025. Ripple and other key players in the XRP ecosystem will be present, and conference attendees will be able to visit the Ballet booth to experience the new product firsthand. The XRP Cold Storage Coin is now available for purchase at for $29. Limited quantities will also be available at XRP Las Vegas 2025. About the company: Ballet is a U.S.-based company dedicated to making cryptocurrency storage secure and accessible for all users by providing high-quality, easy-to-use cold storage products. Founded in 2019 by crypto industry veteran and security expert Bobby Lee, and headquartered in Las Vegas, Nevada, Ballet offers patented self-custodial cold storage solutions requiring no setup. Ballet has already seen over $800 million in digital assets securely stored on Ballet products worldwide. Contact Info: Name: Cynthia Xia Email: Send Email Organization: Ballet Global Inc. Website: Disclaimer: This press release is for informational purposes only. Information verification has been done to the best of our ability. Still, due to the speculative nature of the blockchain (cryptocurrency, NFT, mining, etc.) sector as a whole, complete accuracy cannot always be guaranteed. You are advised to conduct your own research and exercise caution. Investments in these fields are inherently risky and should be approached with due diligence. Release ID: 89157944 If you come across any problems, discrepancies, or concerns related to the content contained within this press release that necessitate action or if a press release requires takedown, we strongly encourage you to reach out without delay by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our committed team will be readily accessible round-the-clock to address your concerns within 8 hours and take appropriate actions to rectify identified issues or support with press release removals. Ensuring accurate and reliable information remains our unwavering commitment.
Yahoo
06-03-2025
- Health
- Yahoo
‘A scalpel, not a sword': Local veteran reacts to more VA cuts
MADISON, Ala (WHNT) — Bobby Lee served in the military for 40 years, making countless sacrifices, like missing key moments with his family. 'Those are the things that you can't get back,' Lee said. 'You know, you look through pictures and you're like, yeah, I'm not standing there.' Alabama senator Tommy Tuberville teases possibility of run for Governor After four decades of service, Lee retires and now relies heavily on the VA benefits contractually provided to him. He says he held up his end of the deal throughout his service and expects the U.S. government to do the same. 'When you begin to cut the VA, you begin to tread on the contract that we as veterans, we as soldiers, made with the United States of America,' Lee said. These comments come after efforts to reduce federal spending continue. Thousands of VA employees were let go last month, among hundreds of VA contracts. A reorganization plan released today aims to cut 80,000 additional jobs from the Department of Veterans Affairs. The goal is to bring staffing levels from about 482,000 to just below 400,000, as it was in 2019. Alabama Forestry Commission provides update on statewide wildfire conditions These changes concern some veterans. 'You want to do surgery with a scalpel, not a sword,' Lee said. 'The VA should be fully funded and fully staffed.' Some are concerned that the cuts to staffing would mean a drop in care quality or services provided. Veterans note the hazardous materials they are exposed to during service, making healthcare once they retire a top priority. Exposure to toxins was shown in a significant demonstration by the Veterans of Foreign Wars Commander in Chief Alfred Lipphardt during his hearing with the Senate Committee on Veterans' Affairs Tuesday. Lipphardt asked the veterans in the room to stand if they were exposed to toxins during service, something that generated an audible 'wow' from committee member Representative Mark Takano (D-California). Lee watched the whole demonstration happen. 'There were probably 400 people in the room,' Lee said. 'He said, I want everybody that is a veteran who was exposed to toxins while they served to stand up. Nobody sat down. Everybody stood up. And that's a powerful statement right there.' Secretary of Veterans Affairs Doug Collins said the changes and cuts will not impact veterans' care or benefits in a video released on X Wednesday. 'The federal government does not exist to employ people,' Collins said. 'It exists to serve people. At the VA we are focused on serving veterans better than ever before. And doing so requires changing and improving the organization.' The changes are set to take effect in August. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
