JLL Income Property Trust Buys Apartment Community Near Seattle
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has purchased Stonemeadow Farms, a 280-unit premier apartment community in the Seattle suburb of Bothell, Washington.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has purchased Stonemeadow Farms, a 280-unit premier apartment community in the Seattle suburb of Bothell, Washington for $81.8 million.
Built in 1999, Stonemeadow Farms was recently renovated and includes a mix of one-, two-, and three-bedroom units, a 24-hour fitness center, and swimming pool, as well as other amenities.
The city of Bothell is located less than 20 miles from Redmond, Bellevue and Seattle, which are home to a roster of employers including Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google, Microsoft, Starbucks, T-Mobile ,and the University of Washington, Bothell.
“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.
He added, “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 total 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.
In other company news, last month, JLL Income Property Trust purchased the Fremont Distribution Center located in Fremont, California for $47 million.
Jones Lang LaSalle Income Property Trust owns and manages a multi-billion portfolio of 70 office, retail, industrial and apartment properties located in the United States, as of the fourth quarter of 2018. Since 2012, the company has raised a total of approximately $1.6 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.
