NAV REIT JLL Income Property Trust has acquired Pinecone Apartments, a 13-building, 195-unit apartment community in the Denver suburb of Fort Collins. The property has historically strong occupancy, with a current availability rate of only 3%.

The Denver apartment market has grown significantly over the last several years, and Fort Collins specifically is ranked third on La Salle Research & Strategy's small apartment market analysis. The submarket benefits from a limited new construction pipeline, a low long-term vacancy rate of 4.3% and annualized apartment rent growth of 4% over the last 15 years.

The submarket also features a strong labor pool, thanks to nearby Colorado State University, and an A-rated school district. Together, these factors make the submarket not only an attractive place for renters, but support strong investment fundamentals. According to Allan Swaringen, JLL Income Property Trust President and CEO, these characteristics also align well with the REIT's investment strategy.