JLL Income Property Trust (NASDAQ: ZIPTAX, ZIPTMX, ZIPIAX, ZIPIMX), announced its acquisition of Creekview Crossing, a class-A 183-unit apartment community in the suburban Portland market of Sherwood, Oregon.
The purchase price was approximately $61 million and includes the assumption of an in-place $26 million mortgage loan, which has an attractive below-market interest rate of 3.09%. The property was constructed in 2009 and offers garden-style and townhome residences.
“Creekview Crossing’s desirable location in an affluent suburban area with high barriers to entry make this acquisition an outstanding addition to our already substantial residential portfolio allocation of more than $2.7 billion of apartment communities and single-family rentals,” said Allan Swaringen, president and CEO of Chicago-headquartered JLL Income Property Trust. “This is an extremely attractive investing environment. While property fundamentals in real estate remain strong, valuations are at a more attractive entry point that should produce long-term value for our portfolio, as signs are pointing to the start of a new market cycle.”
According to the company, the new acquisition brings its aggregate residential allocation to more than $2.7 billion, or 42% of the portfolio, comprised of 28 apartment communities and more than 4,400 single-family rental homes.