JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has purchased Siena Suwanee Town Center, a 240-unit, multifamily property in the north-Atlanta suburb of Suwanee, Georgia in an UPREIT transaction. The purchase price was approximately $70 million.
The acquisition brings the REIT’s total apartment allocation to more than $1 billion, representing 33 percent of its $3.3 billion, 82-property portfolio.
“This addition to our growing apartment portfolio fits extremely well with our suburban strategy to invest in amenity-rich, newer communities located in highly-rated school districts with high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO.
He added, “Our unique UPREIT structure along with our diversified portfolio and daily valuation were attractive to the sellers who chose to contribute this property in exchange for interests in our fund rather than selling for cash. This provided the owners of Sienna Suwannee a tax efficient sale with the benefit of long-term estate planning while allowing our fund to make a strategic acquisition with no cash outlay.”
Constructed in 2018, Sienna Suwanee Town Center includes a saltwater pool and 24-hour multipurpose fitness center. The community is walking distance to numerous retail stores and restaurants, in addition to local community parks.
In recent acquisition news, JLL Income Property Trust purchased Fort Worth Distribution Center in Texas for $24 million.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.3 billion portfolio of 82 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.