JLL Income Property Trust Buys Multifamily Property Near Orlando for $154 Million
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased Jefferson Lake Howell near Orlando.
Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has purchased Jefferson Lake Howell, a 384-unit Class A multifamily community in the Orlando suburb of Casselberry, Florida, for approximately $154 million.
The lakefront community, located less than 10 miles north of Downtown Orlando, is within close proximity to employment and transportation nodes, as well as retail amenities such as a Publix-anchored shopping center, a Walmart Supercenter, and numerous dining and entertainment options.
“This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns 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. “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment…”
The Orlando apartment market is a LaSalle Research & Strategy recommended overweight for core investment given its “strong in-migration trends, limited for-sale housing stock, and record-low residential vacancy rates.” Orlando’s population is forecasted to grow 1.9 percent through 2026, well above the US average of 0.7 percent, while vacancy currently sits at a record-low 2.1 percent, below its 20-year average of 5.6 percent.
Swaringen also noted, “Orlando apartment demand was highly resilient and remained positive even during the pandemic-induced recession of 2020, despite deep job losses due to a decline in tourism. Then, in 2021, occupied units grew by a record 7 percent and rents increased 26 percent ranking seventh for recent rent growth among 162 markets tracked by LaSalle.”
JLL Income Property Trust’s aggregate residential allocation is now more than $2.7 billion, with more than 9,100 residential units across 23 apartment communities and a 14-market single-family rental portfolio representing 43 percent of its $6.3 billion property portfolio.
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $6.3 billion portfolio of 119 residential, industrial, office and grocery-anchored retail properties. Since the beginning of 2012, the REIT raised a total of approximately $3.7 million through its ongoing public and various private offerings, as well as its distribution reinvestment plan.
