JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), a daily NAV REIT sponsored by Jones Lang LaSalle (NYSE: JLL), formed a joint venture with Nordblom Company to invest in The Tremont and The Huntington apartment communities in Burlington, Massachusetts, 15 miles from downtown Boston. The investment amount was not disclosed.
Nordblom is a New England-based developer that recently developed the two properties, which are located within its Northwest Park mixed-use development.
Combined, the two Class A communities total 297 units and have hardwood flooring, quartz countertops, stainless steel appliances, washers and dryers, and nine-foot ceilings. Community amenities include a tech lounge, community kitchen, pool tables, swimming pool, fitness center, yoga room, grilling patio, designated pet areas and covered parking.
The Tremont and The Huntington are within walking distance of a Wegmans grocery store, more than 20 restaurants and other retailers, and are directly adjacent to the Burlington Mall, the second largest retail center in Massachusetts.
“Burlington has seen no new apartment construction in 10 years, putting these two luxury communities in a class by themselves,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment in one of Boston’s thriving live/work/play neighborhoods brings our aggregate apartment allocation to just over $730 million, with over 2,800 apartment units, representing nearly 30 percent of our $2.6 billion, 71-property portfolio.”
In other company news, the REIT recently registered $3 billion in shares of common stock, as reported by The DI Wire.
As of the first quarter 2018, Jones Lang LaSalle Income Property Trust owned and managed a $2.6 billion portfolio of 69 office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.6 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.