Source: JLL Income Property Trust / #Apartments #Multifamily
PORTLAND, OR - JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, announced the acquisition of Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. The purchase price was approximately $75 million.
Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. The suburb is conveniently located along the I-5, providing access to some of greater Portland's major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco. Wilsonville, which has attracted a growing population of affluent families, also offers an exceptional public school system that Niche.com and US News & World Report have ranked as a top school system both locally and nationally. Wilsonville's strong employment base and high barriers to entry should result in continued strong demand and future rent growth.
"The acquisition of Jory Trail at the Grove demonstrates JLL Income Property Trust's strategy to invest in high-quality apartment assets in strong-performing areas featuring a combination of top incomes and school districts," said Allan Swaringen, President and CEO of JLL Income Property Trust. "Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase stability, growth and have high barriers to entry."
This acquisition represents JLL Income Property Trust's ninth property investment in the apartment sector, bringing its aggregate apartment allocation to nearly $600 million and 25% of its overall property portfolio by valuation.
JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust (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.