JLL REIT Expands Phoenix Apartment Portfolio

JLL Income Property Trust has acquired Summit at San Marcos, a new construction 273-unit garden-style apartment community in Chandler, Arizona, for $72 million.

Chandler is known as the Silicon Desert area of Phoenix, Arizona. It was built in 2018, and features high-end finishes and a swimming pool and spa, private cabanas, fire pits, barbecue grills and a putting green. The clubhouse features a demonstration kitchen, a fitness center and a tech café.

With this purchase, JLL Income Property Trust has an aggregate apartment allocation to nearly $900 million, with 3,400 total units representing 32% of the value of the JLL Income Property Trust portfolio.