CHARLOTTE, NC - JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Presley Uptown, a newly developed 230-unit, Class-A apartment community in the Uptown submarket of Charlotte, North Carolina, one of the fastest growing markets in the country. The purchase price was approximately $55 million.
Charlotte has a strong economic forecast, with employment growth of nearly 3 percent a year since 2011 compared to 1.7 percent for the U.S. overall. The main employment center of Charlotte is within walking distance of the property including over 100,000 jobs with employers like Microsoft, Bank of America, Wells Fargo, Duke Energy, Barings, Ally Bank and the city's largest hospital campuses.
Uptown is one of Charlotte's premier live/work/play neighborhoods, with population growth expected to reach 3.4 percent a year within a three-mile radius of the property, notably surpassing the national average of 0.8 percent. The property is conveniently situated with access to numerous retail and service amenities including the addition of a new Whole Foods within two blocks.
"The acquisition of Presley Uptown is another example of our apartment strategy focused on urban markets with strong demographic dynamics located near employment centers with favorable potential for growth," said Allan Swaringen, President and CEO of JLL Income Property Trust. "This investment brings our aggregate apartment allocation to over $950 million, with over 3,600 apartment units, representing 34% of our $2.9 billion, 75-property portfolio," he added.
Presley Uptown achieved National Green Building Standard Bronze Certification, providing healthier homes, achieving energy and water savings, and promoting sustainable lifestyles. JLL Income Property Trust was recently awarded a three-star rating by GRESB, the leading Environmental, Social and Governance (ESG) benchmark for real estate investments, demonstrating JLL Income Property Trust's commitment to sustainability in the portfolio.
Source: JLL Income Property Trust / #Apartments #Multifamily