JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Pinecone Apartments in the Denver suburb of Fort Collins, Colorado for approximately $52 million, bringing its total residential allocation to more than $2 billion, or 43 percent of total assets.
Pinecone Apartments is a 13-building, 195-unit apartment community constructed in 1993 that recently underwent unit renovations. The property has maintained an average occupancy of 95 percent over the past three years, and is currently 97 percent leased, the company said.
“The addition of Pinecone Apartments increases our residential allocation, an overweight target for us, and fits extremely well with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, president and chief executive officer.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $5.1 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised nearly $2.3 billion in investor equity as of August 2021.