JLL Income Property Trust Buys Luxury Apartments in Downtown Saint Paul
JLL Income Property Trust, a daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased The Penfield multifamily community located downtown Saint Paul, Minnesota for approximately $65.5 million.
The Penfield is a 254-unit class A apartment complex, which also includes ground floor commercial space currently leased to a local grocer on a long-term basis. The property is comprised of studio, one-, two-, and three-bedroom apartments, with property amenities including an outdoor pool, hot tub, sauna, fitness center, dog run, and grilling stations.
“The Penfield is one of the finest quality apartment complexes in the downtown Saint Paul area,” commented Allan Swaringen, president and CEO of JLL Income Property Trust. “Limited new supply and a submarket apartment vacancy rate of 3.1 percent coupled with The Penfield’s high quality design, walkable location, and access to employment and entertainment amenities make it an attractive addition to our portfolio.”
“This investment represents a continuation of our core apartment investment strategy to acquire properties in strong urban in-fill locations that appeal to millennial renters. This is our third investment in the multifamily property sector this year, bringing our apartment allocation to $400 million in gross assets and 20 percent of our overall investment portfolio,” Swaringen added.
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 $1.2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. As of June 30, 2016, it owned interests in 62 properties, of which 61 are located in the U.S. and one is located in Canada.
