Non-traded, daily valued perpetual life real estate investment trust (REIT) JLL Income Property Trust (JLL IPT) announced today it acquired a 398-unit apartment complex in suburban Dallas through a joint venture with Balfour Beatty Communities.
Named Townlake of Copell (Townlake), the property sits on 17.5 acres and is located in an infill location northwest of Dallas. The garden-style apartment community features two resort-style pools, a basketball court, a 24-hour fitness center, and an open playground.
“The property has historically been well-occupied and should maintain strong occupancy due to the highly desirable school district and significant barriers to entry for new apartments in this area,” commented Allan Swaringen, President and CEO of JLL IPT.
Median single family home values in Coppell exceed $320,000 thanks to the town’s award-winning school district which is considered one of the best in Texas. Townlake benefits from being one of only nine apartment communities in Coppell.
“This investment expands our apartment portfolio in a mature, bedroom community that has benefitted from its close proximity to DFW airport, Grapevine Recreation Area, local high-end retail shopping and downtown Dallas,” added Swaringen.
JLL IPT’s four share classes (ZIPTAX, ZIPTMX, ZIPIAX, and ZIPIMX) are listed on NASDAQ.