JLL Income Property Trust Buys $75 Million Multifamily Property Near Portland
JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has purchased Jory Trail at the Grove, a Class A apartment complex located in the Portland suburb of Wilsonville, Oregon for approximately $75 million. The property is 95 percent leased.
“Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase stability, growth and have high barriers to entry,” said Allan Swaringen, president and CEO of JLL Income Property Trust.
Jory Trail at the Grove is comprised of 324 units ranging in size from one to four bedrooms with private balconies and patios, washers and dryers, and walk-in closets. Property amenities include a swimming pool and spa, walking trails, and a 24-hour fitness center.
The acquisition represents JLL Income Property Trust’s ninth property investment in the apartment sector, bringing its aggregate apartment allocation to nearly $600 million and 25 percent of its overall property portfolio by valuation.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.5 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, according to Summit Investment Research. As of March 31, 2017, it owned interests in 69 properties, of which 68 are located in the U.S. and one is located in Canada.
