JLL Income Property Trust Acquires Birmingham Multifamily Community for $73.3 Million
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), a non-listed, daily valued perpetual life real estate investment trust, purchased Lane Parke Apartments in the Birmingham suburb of Mountain Brook, Alabama. The purchase price was approximately $73.3 million with an estimated capitalization rate of 5.3 percent.
Lane Parke Apartments is a 276-unit complex that features an outdoor terrace, large fitness center, swimming pool with sundeck and lounge area, business center, clubhouse with a demonstration kitchen, outdoor fireplace and grilling station. The property is part of the larger, 28-acre mixed-use development which includes 117,000 square feet of high-end retail, including a gourmet grocery store and wine shop, and a Marriott luxury hotel. The property is 97 percent leased.
“The purchase of Lane Parke furthers our apartment acquisition strategy which is geared toward identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry for new apartments,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “This is our sixth property investment in the apartment sector as we continue to expand our portfolio’s exposure to a diverse range of geographic markets and property sectors. The investment brings our aggregate apartment allocation to over $280 million across 1,587 total units.”
Mountain Brook is in one of the wealthiest zip codes in the United States, and has been referred to as one of the nation’s ‘Super ZIPs’ by the Washington Post, achieving the highest score possible based on income and education.
Jones Lang LaSalle Income Property Trust owns and manages a diversified portfolio of office, retail, industrial and apartment properties located primarily in the United States. The company went effective in October 2012 and has raised $778.8 million in investor equity since inception, according to the most recent Stanger Market Pulse.
