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JLL Income Property Trust Continues Multifamily Buying Spree

Jones Lang LaSalle Income Property Trust Inc., an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex located in the Atlanta suburb of Johns Creek, Georgia. The purchase price was approximately $47 million.

“The Reserve at Johns Creek furthers our apartment acquisition strategy of identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry,” said Allan Swaringen, president and CEO of JLL Income Property Trust.

Built in 2006, The Reserve is comprised of one-, two-, and three-bedroom units with hardwood floors, walk-in closets, washer/dryer connections, and full kitchens with stainless steel appliances and granite countertops. Property amenities include onsite maintenance and property management, laundry facilities, a swimming pool, cabana, playground, and fitness center.

According to JLL, new apartment supply in Atlanta’s suburbs has averaged just one percent of existing stock since 2014, approximately half of the net absorption rate. This has led to growth in average annual apartment rents of over 7 percent for the past three years.

Johns Creek is the 13th highest earning city in the country and one of the 10 richest in Georgia, with housing values ($421,000) and household incomes ($144,000) nearly double Atlanta’s average.

As reported by The DI Wire last week, the company recently purchased a multifamily property near Portland, Oregon for $75 million.

These two recent multifamily investments bring the REIT’s apartment allocation to nearly $650 million, approximately 27 percent of the portfolio’s value.

Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.5 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, according to Summit Investment Research. As of March 31, 2017, the REIT’s $2.2 billion portfolio consisted of 69 properties.

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