JLL Income Property Trust Acquires Class-A Apartment Community in Sherwood, Oregon for $61m

JLL Income Property Trust Expands Portfolio with Acquisition of $61m Apartment Community in Portland Suburb

JLL Income Property Trust, a $7bn NASDAQ-listed real estate investment trust (REIT), has recently added a class-A 183-unit apartment community in Sherwood, Oregon to its portfolio. The acquisition, which cost $61m, includes the assumption of a $26m mortgage loan with a favorable interest rate of 3.09%.

This purchase boosts JLL Income Property Trust’s residential allocation to over $2.7bn, making up 42% of its overall portfolio. The company now owns 28 apartment communities and more than 4,400 single-family rental homes across the US.

According to Allan Swaringen, president and CEO of JLL Income Property Trust, the residential sector is a key focus due to its strong fundamentals and potential for stable income growth. He highlighted the attractive location of Creekview Crossing in a high-demand suburban area with limited competition as a key factor in the acquisition.

Swaringen also emphasized the REIT’s ability to capitalize on the current market conditions, with property valuations presenting attractive opportunities for long-term value. By taking advantage of the below-market loan assumption, JLL Income Property Trust aims to benefit its stockholders over the remaining 31-year term of the loan.

With a diverse real estate portfolio that encompasses residential, industrial, retail, healthcare, and office properties, JLL Income Property Trust continues to seek opportunities for growth and expansion both in the US and globally. Investors can expect to see the REIT’s strategic approach yield positive results in the coming years.