Our philosophy is that we pay for what is, not what could be.” That’s how JRK Investors president Bobby Lee explains the LA-based company’s policy of underwriting acquisitions based on present rents and expenses as it deploys a $252M multifamily equity fund, targeting $1B worth of assets, including two deals it’s closing in Roseville, Calif., and Houston’s Inner Loop. (These follow five apartment communities JRK just bought in DC, Atlanta, and Dallas-Fort Worth.) This is JRK’s second multifamily fund—the 20-year-old company previously raised individual pools of equity as it identified deals. Bobby tells us the company focuses on Class-A properties in primary and secondary markets throughout the US, but 20% of its deals are geared toward affordable or Class-B assets.