JLL Income Property Trust Acquires 280-Unit Apartment Community in Suburban Seattle for $81.8 Million

SEATTLE, WA - JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Stonemeadow Farms, a 280-unit premier apartment community in the desirable Seattle suburb of Bothell, Washington. The purchase price was $81.8 million.

Bothell is less than 20 miles from Redmond, Bellevue and Seattle, and provides convenient access to I-405, I-5 and Highway 522 featuring multiple commuting options to an exceptional and diverse roster of high-tech, bio-tech, medical device, life sciences, telecom and utility companies including Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google, Microsoft, Starbucks, T-Mobile and the University of Washington, Bothell.

Built in 1999, Stonemeadow Farms is a highly amenitized apartment community that has recently been renovated. It sits within a highly rated public school district as measured by LaSalle'sproprietary schools index which charts the nation's top school districts, mapping granular data on school district quality. The index has validated the significant outperformance of apartment communities in locations such as Bothell with data that has been back-tested for over a decade.

"The price to rent an apartment in Bothell, compared to this market's average household income is very low. We believe Bothell's high median household incomes coupled with Stonemeadow Farm's per-unit price of $290,000 makes this a strong investment – particularly in a market where single-family homes are averaging more than $600,000," said Allan Swaringen, President and CEO of JLL Income Property Trust. "We expect investments of this type to perform better in a late-cycle environment – which is one of the drivers of our suburban apartment strategy focused on properties in locations with barriers to entry and highly-rated school districts. These types of investments generally deliver stable cash flow, lower volatility and more resilience than other market locations."

This acquisition increases the aggregate apartment allocation of JLL Income Property Trust to over $820 million and nearly 3,100 units, representing 32 percent of the value of the overall portfolio.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.