JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has purchased Summit at San Marcos, a newly-developed 273-unit Class A multifamily property in the Phoenix suburb of Chandler, Arizona. The purchase price was $72 million.
“The city of Chandler, and more broadly Phoenix’s strong market fundamentals, favorable business environment and attractive demographics coupled with Summit at San Marcos’s location in an outstanding school district make this acquisition an excellent fit with JLL Income Property Trust’s suburban apartment strategy,” said Allan Swaringen, president and CEO of JLL Income Property Trust.
Swaringen added that the acquisition brings the REIT’s apartment allocation to nearly $900 million, which is 32 percent of the portfolio’s value.
Completed in 2018, Summit at San Marcos is near Downtown Chandler and has a swimming pool and spa, private cabanas, fire pits, barbecue grills and a putting green. The clubhouse includes a demonstration kitchen, a fitness center and a tech café.
Chandler is within the area of Phoenix dubbed “The Silicon Desert,” which has seen an influx of technology and financial companies, and is home to an Intel corporate campus, multiple semiconductor and electronic component manufacturing firms.
Last month, the REIT purchased Genesee Plaza, a two-building medical office campus in San Diego, California for approximately $90 million.
Jones Lang LaSalle Income Property Trust owns and manages a multi-billion portfolio of 69 office, retail, industrial and apartment properties located in the United States, as of the first quarter of 2019. Since 2012, the company has raised nearly $1.8 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.