JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased The Preserve at the Meadows, a multifamily community in the Denver suburb of Fort Collins, Colorado, for approximately $61 million. The acquisition brings the REIT’s portfolio’s total residential allocation to nearly $1.8 billion, or 41 percent of total assets.
The DI Wire reported last week that Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, sold the 220-unit property on behalf of Ft. Collins Multifamily III DST, one of its 1031 exchange/Delaware statutory trust investment programs.
“This addition to our growing residential portfolio fits extremely well with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, president and chief executive officer. “Given its proximity to Colorado State University and the Denver metro area we believe The Preserve will continue to see growing tenant demand and higher occupancies, making this an attractive, long-term investment for our diversified portfolio.”
Located at 350 Riva Ridge Drive, The Preserve at the Meadows consists of more than 12 acres of land with 10 three-story residential buildings, a clubhouse and 11 detached garage buildings. Constructed in 2002, the property is currently 97 percent leased.
In other company news, last month, JLL Income Property Trust purchased an approximately 47 percent interest in a $1.2 billion single-family rental portfolio of more than 4,000 homes.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $4.5 billion portfolio of residential, industrial, office and grocery-anchored retail properties. The REIT launched in October 2012 and has raised more than $2.25 billion in investor equity as of July 2021.