JLL Income Property Trust Acquires $154M Multifamily
The REIT has purchased a newly-constructed, luxury, lakefront community in a northern suburb of Orlando, FL.
ORLANDO, FL – Institutionally-managed daily NAV REIT, JLL Income Property Trust has acquired a newly-constructed, luxury, class A apartment community in the northern Orlando suburb of Casselberry, FL for $154 million.
The 384-unit, lakefront apartment community, Jefferson Lake Howell, is located within 10 miles of downtown Orlando. The garden-style community offers access to Highway 4 and State Rd. 17, and it is situated near a Publix-anchored shopping center, a Walmart Supercenter, entertainment options and highly-rated schools.
“This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” says Allan Swaringen, JLL Income Property Trust president and CEO.
Swaringen adds, “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment that we believe will drive long-term, stable cash flow for our portfolio.”
LaSalle Research & Strategy has recommended the Orlando apartment market for core investment due to its strong in-migration trends, limited for-sale housing stock and record-low residential vacancy rates.
The city’s population is forecasted to increase 1.9% through 2026, compared to the nation’s 0.7% average. Orlando’s vacancy currently remains at a record low of 2.1%.
“Orlando apartment demand was highly resilient and remained positive even during the pandemic-induced recession of 2020, despite deep job losses due to a decline in tourism,” says Swaringen. “Then, in 2021, occupied units grew by a record 7% and rents increased 26% ranking seventh for recent rent growth among 162 markets tracked by LaSalle.”
JLL Income Property Trust now has a total residential allocation of more than $2.7 billion, with more than 9,900 residential units across 24 apartment communities and a 14-market single-family rental portfolio.