JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Miramont Apartments in the Denver suburb of Fort Collins, Colorado for approximately $58 million.
The DI Wire reported earlier this month that Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, sold the 15-building, 210-unit multifamily property on behalf of one of its 1031 exchange/Delaware statutory trust investment programs.
The acquisition brings JLL Income Property Trust’s total residential allocation to more than $2 billion, or 43 percent of total assets.
“The addition of Miramont Apartments increases our residential allocation, an overweight target for us, and aligns with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given its proximity to key economic drivers such as Colorado State University and local technology and manufacturing companies, along with a limited construction pipeline and low vacancy, we believe this investment will continue to see strong tenant demand and stable occupancy.”
Constructed in 1995, Miramont Apartments recently underwent unit renovations and has maintained an average occupancy of greater than 94 percent over the past three years. The community is currently more than 98 percent leased.
This is the second Fort Collins multifamily transaction in recent weeks between JLL Income Property Trust and Inland Private, following the $61 million purchase of The Preserve at the Meadows, as reported by The DI Wire in September.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.1 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised nearly $2.35 billion in investor equity as of September 2021.