JLL Income Property Trust, a daily net asset value non-traded real estate investment trust, announced the sale of an apartment community in downtown Charlotte, North Carolina at an “attractive premium” to its initial acquisition price when it was acquired in 2019.
As The DI Wire previously reported, the JLL REIT acquired the property in October 2019 for approximately $55 million. Boston-based Eaton Vance Management reportedly acquired the property from JLL Income Property Trust for $65.8 million.
Presley Uptown, a 230-unit multifamily property situated in the heart of Charlotte’s central business district, provides residents access to the city’s various amenities and walkability to a downtown employment base.
Presley Uptown is comprised of studio, one-, two-, and three-bedroom units and includes an 8,000-square-foot clubhouse, cybercafé, swimming pool, virtual gaming lounge, fitness center, and pet-care spa.
JLL Income Property Trust’s sale realized a leveraged internal rate of return during its four-year hold period and sold within one percent of its most recent independently determined appraised value. Further, as it looks to increase its allocation to higher yielding private debt, the company says this sale recycles equity that will be redeployed into its growing senior secured mortgage portfolio.
“Presley Uptown proved to be a fantastic investment for us”, said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “It’s assumable in-place fixed rate debt, along with the longer-term outlook for the Charlotte market, made it a highly sought after investment. Harvesting gains for our stockholders and redeploying sales proceeds at a time when market opportunities present higher risk adjusted-return investments has been a tenet of our core investment thesis for eleven years now.”
As of Sept. 30, 2023, JLL Income Property Trust owned interests in a total of 137 properties and more than 4,400 single-family rental houses located in 27 states.