JLL Income Property Trust, a non-traded daily-valued perpetual life real estate investment trust sponsored by Jones Lang LaSalle, acquired AQ Rittenhouse, a newly constructed Class A apartment property, for $51 million.
“The purchase of AQ Rittenhouse marks our fifth property investment this year and brings our aggregate new acquisition volume to over $200 million for 2015. It is our second apartment acquisition in the last ninety days, as we continue to expand our portfolio’s exposure to a diverse range of geographic markets and property sectors,” commented Allan Swaringen, president and chief executive officer of JLL Income Property Trust.
Located near Rittenhouse Square in Philadelphia, AQ Rittenhouse is a 110-unit, 12-story apartment building that opened in April and is comprised of studio, one-, and two-bedroom units, as well as 13,000 square feet of fully leased ground floor commercial space. Individual units feature stainless steel appliances, hardwood flooring, and energy efficient washer/dryers. The property also includes units with Juliet balconies overlooking downtown, as well as a rooftop deck with views of the Philadelphia skyline. Other benefits include access to a car share program with a dedicated vehicle for the property. AQ Rittenhouse is walking distance to retail, restaurant, and employment amenities – with more than 400 restaurants and 1,000 retailers in the area.
The estimated stabilized capitalization rate for the property is 5.2 percent. The acquisition was financed at approximately 50 percent loan-to-value with an interest rate of 3.65 percent for 10 years.
Jones Lang LaSalle Income Property Trust, Inc. is a non-listed, daily valued perpetual life real estate investment trust that owns and manages a diversified portfolio of income-producing office, retail, industrial and apartment properties located primarily in the United States. The company expects to further diversify its real estate portfolio over time, including on a global basis.