JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Princeton North Andover, a 192-unit multifamily community in the north-Boston suburb of North Andover, Massachusetts. The purchase price was $72.5 million.
“This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust president and chief executive officer. “North Andover’s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio.”
Constructed in 2019, Princeton North Andover’s amenity package includes a fitness center, pool, yoga studio, outdoor grilling areas, and resident clubhouse. The property also offers suburban walkability with nearby live-work-play amenities including retail, restaurants, and a commuter rail station two miles away.
LaSalle’s Research & Strategy Group lists suburban Boston as an “overweight” market and ranks it in the top five markets. The company noted that Greater Boston is known for its highly educated labor market, given the number of higher education institutions located in and around the city, which supports established and growing technology, biotech, and pharmaceutical employment sectors and subsequently drives demand for high-end housing.
Princeton North Andover is located in the North Essex County submarket, which has a vacancy rate of 2.2 percent.
JLL said that North Andover’s average household income is more than $160,000, with an average home sale price of more than $700,000. The REIT’s acquisition of Princeton North Andover, on an off-market basis, was at approximately $375,000 per unit.
JLL Income Property Trust’s total apartment allocation is now more than $1.1 billion, with 4,034 apartment units across 17 communities representing 33 percent of its $3.6 billion, 86-property portfolio.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a portfolio of multifamily, industrial, office and grocery-anchored retail properties located in the United States.