Timely Disposition to Reinvest at Attractive
New Market Cycle Returns
CHICAGO, Oct. 22,
2024 /PRNewswire/ -- JLL Income Property Trust, an
institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX;
ZIPIAX; ZIPIMX) with approximately $6.6
billion in portfolio equity and debt investments, announced
the sale of Stonemeadow Farms, a 280-unit, garden-style apartment
community in Bothell, Washington –
a desirable Seattle suburb less
than 20 miles from Redmond,
Bellevue and downtown
Seattle.
This disposition aligns with JLL Income Property Trust's
long-term track record of harvesting gains and reinvesting capital
into property sectors and markets that are better positioned for
higher point forward returns. Acquired in 2019, prior to the
pandemic-induced record low interest and cap rates and benefiting
from the apartment sector's record high rent growth that followed,
this sale supports the fund's recycling strategy targeting stronger
markets positioned for better growth.
"Stonemeadow Farms proved to be an outstanding investment for us
generating an attractive leveraged internal rate of return during
our five-year hold," said Allan
Swaringen, President and CEO of JLL Income Property Trust.
"We remain bullish on apartments and single family rentals which
represent our largest overweight sector at over 40% of our
portfolio. Crystalizing this investment's strong performance
that exceeded our expectations in terms of occupancy and rent
growth made sense in the current environment, especially in the
face of our Research and Strategy team's estimates of a growing
competitive new supply pipeline."
Swaringen continued, "As active real estate managers, we
carefully construct our portfolio allocations with critical input
from LaSalle's world-class
Research and Strategy team. As we enter what we believe to be the
early stages of a new market cycle for core real estate, this was
an opportune time to move out of an older residential community
freeing up capital to now invest in newer vintage properties with
the potential for better returns and lower risk."
Over its 12-year history, JLL Income Property Trust has sold 48
properties at values totaling over $1.1
billion, in aggregate trading on an arms-length basis within
2% of the most recent independent appraised value, all the while
utilizing an institutional, independent valuation methodology – a
valuation practice unique from many others in the NAV REIT
industry.
JLL Income Property Trust's allocation to residential
investments remains its largest even after this disposition. At
$2.7 billion, investments in the
residential sector across 24 apartment communities and 4,500 single
family rental homes comprise the largest percentage of JLL Income
Property Trust's $6.6 billion
portfolio at 42%.
For more information on JLL Income Property Trust, please visit
our website at www.jllipt.com.
About JLL Income Property Trust, Inc. (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX;
ZIPIMX)
JLL Income Property Trust, Inc. is a daily
NAV REIT that owns and manages a diversified portfolio of high
quality, income-producing residential, industrial, grocery-anchored
retail, healthcare and office properties located in the United States. JLL Income Property Trust
expects to further diversify its real estate portfolio over time,
including on a global basis. For more information, visit
www.jllipt.com.
About LaSalle Investment Management | Investing Today. For
Tomorrow.
LaSalle Investment Management is one of the
world's leading real estate investment managers. On a global basis,
LaSalle manages US$84.8 billion of assets in private and public
real estate equity and debt investments as of Q2 2024. LaSalle's diverse client base includes public
and private pension funds, insurance companies, governments,
corporations, endowments and private individuals from across the
globe. LaSalle sponsors a complete
range of investment vehicles, including separate accounts, open-
and closed-end funds, public securities and entity-level
investments. For more information, please visit www.lasalle.com,
and LinkedIn.
Forward Looking Statements and Future
Results
This press release may contain
forward-looking statements with respect to JLL Income Property
Trust. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, research, market
analysis, plans or predictions of the future. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Past performance is not indicative
of future results and there can be no assurance that future
dividends will be paid.
Contacts:
Alissa Schachter
LaSalle Investment Management
Telephone: +1 312 339 0625
Email: Alissa.schachter@lasalle.com
Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust