JLL Income Property Trust Buys Multifamily Property in Chicago’s West Loop
JLL Income Property Trust, a daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased 180 North Jefferson Street, a 28-story, 274-unit apartment tower in Chicago’s West Loop. The purchase price was approximately $96.5 million.
The property, which was originally built in 2004, is located in a live/work/play neighborhood where residents have walkable access to Chicago’s employment center, mass transit, restaurants, nightlife and necessity retail.
“The acquisition of 180 North Jefferson Street demonstrates JLL Income Property Trust’s strategy to invest in high-quality apartment properties located in densely populated urban cores with favorable transit profiles and high barriers-to-entry,” commented Allan Swaringen, president and CEO of JLL Income Property Trust.
The REIT noted that Chicago’s West Loop has been established as the new epicenter of the city’s technology and creative job growth, attracting blue-chip employers from both the central business district and the suburban areas to migrate towards this location as it continues to grow in popularity for both businesses and residents. Recent corporate relocations to Chicago’s West Loop include William Blair, DLA Piper, Hyatt Hotels, McDonald’s, Hillshire Brands and United Airlines.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. As of September 30, 2016, it owned interests in 68 properties, of which 67 are located in the U.S. and one is located in Canada.
