CHICAGO, May 14, 2019 /PRNewswire/ -- JLL Income
Property Trust, an institutionally managed daily NAV REIT (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) today announced the
acquisition of Stonemeadow Farms, a 280-unit premier apartment
community in the desirable Seattle
suburb of Bothell, Washington. The
purchase price was $81.8 million.
Bothell is less than 20 miles
from Redmond, Bellevue and Seattle, and provides convenient access to
I-405, I-5 and Highway 522 featuring multiple commuting options to
an exceptional and diverse roster of high-tech, bio-tech, medical
device, life sciences, telecom and utility companies including
Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google,
Microsoft, Starbucks, T-Mobile and the University of Washington, Bothell.
Built in 1999, Stonemeadow Farms is a highly amenitized
apartment community that has recently been renovated. It sits
within a highly rated public school district as measured by
LaSalle's proprietary schools
index which charts the nation's top school districts, mapping
granular data on school district quality. The index has validated
the significant outperformance of apartment communities in
locations such as Bothell with
data that has been back-tested for over a decade.
"The price to rent an apartment in Bothell, compared to this market's average
household income is very low. We believe Bothell's high median household incomes
coupled with Stonemeadow Farm's per-unit price of $290,000 makes this a strong investment –
particularly in a market where single-family homes are averaging
more than $600,000," said
Allan Swaringen, President and CEO
of JLL Income Property Trust. "We expect investments of this type
to perform better in a late-cycle environment – which is one of the
drivers of our suburban apartment strategy focused on properties in
locations with barriers to entry and highly-rated school districts.
These types of investments generally deliver stable cash flow,
lower volatility and more resilience than other market
locations."
This acquisition increases the aggregate apartment allocation of
JLL Income Property Trust to over $820
million and nearly 3,100 units, representing 32 percent of
the value of the overall portfolio.
JLL Income Property Trust is an institutionally managed, daily
NAV REIT that gives investors access to a growing portfolio of
commercial real estate investments selected by an institutional
investment management team and sponsored by one of the world's
leading real estate services firms.
For more information on JLL Income Property Trust, please visit
our website at www.jllipt.com.
About JLL Income Property Trust (NASDAQ: ZIPTAX;
ZIPTMX; ZIPIAX; ZIPIMX)
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT
that owns and manages a diversified portfolio of high quality,
income-producing apartment, industrial, office and retail
properties located in the United
States. JLL Income Property Trust expects to further
diversify its real estate portfolio over time, including on a
global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment
Management, Inc., a member of the JLL group and advisor to JLL
Income Property Trust, is one of the world's leading real estate
investment managers with approximately $65
billion equity and debt investments under management (as of
Q4 2018). LaSalle's diverse client
base includes public and private pension funds, insurance
companies, governments, corporations, endowments and private
individuals from across the globe. LaSalle sponsors a complete range of
investment vehicles including separate accounts, open and
closed-end funds, public securities and entity-level investments.
LaSalle is a wholly-owned,
operationally independent subsidiary of Jones Lang LaSalle Inc.
(NYSE: JLL), one of the world's largest real estate companies. For
more information please visit www.lasalle.com.
Forward Looking Statements and Future
Results
This press release may contain
forward-looking statements with respect to JLL Income Property
Trust. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, research, market
analysis, plans or predictions of the future. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Past performance is not indicative
of future results and there can be no assurance that future
dividends will be paid.
Contact: Matt
Schuler
Telephone: +1 312 897 4192
Email: matt.schuler@lasalle.com
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SOURCE JLL Income Property Trust