CHICAGO (September 17, 2024) – Elena Alschuler, LaSalle’s Americas Head of Sustainability has been recognized with the Nareit 2024 Sustainable Leadership Award on behalf of JLL Income Property Trust.
Nareit presented the inaugural Sustainability Impact Awards at its REITworks: 2024 Sustainability & Social Responsibility Conference in McLean, VA. The awards recognize REITs for implementing sustainable practices that demonstrate leadership, ingenuity, and environmental impact in the commercial real estate industry.
Elena was recognized for her leadership in sustainability in the built environment, and her collaboration with industry peers to share knowledge and develop best practices. This is exemplified in Elena’s recent role as chair for the CRREM North America Working Group which is working to develop decarbonization pathways to benchmark transition risk.
Nareit Senior Vice President of Environmental Stewardship & Sustainability, Jessica Long said: “We are excited to highlight Elena and JLL Income Property Trust who are raising the bar for advancing sustainability practices in their operations, buildings, communities, and across the broader REIT and commercial real estate industry.”
LaSalle Global Head of Climate and Carbon, Julie Manning said: “This award is a well-deserved recognition of Elena’s exceptional contributions to sustainable real estate practices. Her innovative strategies and tireless efforts have not only elevated LaSalle’s program but are also working to set new benchmarks for the entire industry. Elena’s work exemplifies our commitment to exploring sustainable solutions that can drive investment performance.”
JLL Income Property Trust, President and CEO, Allan Swaringen said: “At JLL Income Property Trust, we believe sustainability initiatives can drive value and mitigate risk. We integrate these sustainability principles in our portfolio construction, acquisitions and asset management activities, resulting in a tailored approach to each property in our portfolio. Elena has been at the forefront of driving these efforts, and this recognition by Nareit is a testament to her commitment.”
ENDS
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)
JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About Nareit
Nareit serves as the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate. Nareit’s members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. Nareit’s focus is to broaden and deepen REIT ownership to help a growing set of everyday American investors enjoy the benefits of holding real estate in a well-diversified portfolio, while increasing capital sources that invest in America’s future. Nareit is the exclusive registered trademark of the National Association of Real Estate Investment Trusts, Inc.®, 1875 I St., NW, Suite 500, Washington, DC 20006-5413. Follow us on REIT.com. Copyright© 2024 by Nareit®. All rights reserved.
CHICAGO, LONDON, SINGAPORE (January 15, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has recorded strong sustainability performance results in two industry-recognized global Environmental, Social and Governance (ESG) benchmarks for asset managers.
In the 2023 Global Real Estate Sustainability Benchmark (“GRESB”), 20 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized for their ESG standards. Across the 20 submissions, seven achieved a 5-star rating, up from four in 2022, nine achieved a 4-star rating, and four achieved a 3-star rating. LaSalle China Logistics Venture was ranked 1st place within its sector peer group, and the firm’s average score increased by nearly three points from 82.22 in 2022 to 85.15 in 2023.
LaSalle commingled products recognised within the 2023 GRESB include:
In addition, LaSalle has received updated scores for the 2023 ‘Principles for Responsible Investment’ (“PRI”) Assessment Report, securing four stars in the categories pertaining to Policy Governance and Strategy, Direct – Listed Equity – Active Fundamental, and Confidence Building Measures, as well as achieving three stars for Direct Real Estate.
LaSalle PRI Assessment Report results include:
Julie Manning, Global Head of Climate and Carbon at LaSalle, commented: “LaSalle is committed to improving and delivering upon our clients’ ESG goals in ways that also drive investment performance, and these impressive results reflect this effort. Sustainability factors are key to our corporate strategy in addition to being a focus throughout our investment process. In the year ahead, we will continue to embed sustainability further into each function across our operations and maintain our position as a leader in the industry.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate equity and debt investments as of Q3 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
Chicago (June 6, 2023) – JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $7 billion in portfolio assets, today announced it has attracted more than $1 billion through JLL Exchange (“JLLX”), its 1031 like kind real estate exchange program..
The JLLX platform is a sophisticated tax deferral and estate planning tool that utilizes both a traditional 1031 exchange along with a potential 721 UPREIT exchange. The JLLX program provides institutional quality properties through its unique Delaware Statutory Trust (“DST”) structure, where owners of appreciated investment real estate can conduct a 1031 exchange by reinvesting proceeds from the sale of their real estate to acquire interests in the DST. After a required holding period, DST properties may be reacquired in exchange for interests in JLL Income Property Trust’s UPREIT structure through a 721 exchange.
JLL Exchange provides investors the opportunity to reinvest proceeds from their sale of real estate held for investment into a broadly diversified, institutionally managed, perpetual NAV REIT, while also deferring taxes, maintaining their allocation to real estate and enjoying a wide range of estate planning benefits. JLL Income Property Trust benefits by attracting strategically aligned long-term investors through the 1031 exchange market.
Since its inception in 2020, JLLX has provided investors with more than $1 billion of DST interests through 18 distinct 1031 exchange offerings ranging from single property DSTs to diversified, multi-property portfolios. JLL Income Property Trust has also completed 6 full-cycle 721 UPREIT transactions totaling nearly $470 million. In a full-cycle UPREIT, real estate is exchanged on a tax-deferred basis for partnership interests in JLL Income Property Trust, offering the potential for owners of the exchanged property to achieve meaningful diversification, current income and the opportunity to realize long-term appreciation.
“We are extremely pleased by the market’s strong, sustained response to the JLLX platform,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Financial advisors have recognized the compelling potential tax and estate planning benefits from the JLLX offerings, and view it as a way to provide more holistic financial planning for their high net worth property owner clients.”
“By offering higher-quality, institutional, DST solutions, competitive fees and institutional management, JLLX has established itself as a preferred 1031 exchange solution for high net worth and ultra-high net worth investors,” said Drew Dornbusch, Head of JLL Exchange.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
About JLL Exchange
The JLL Exchange program offers private placements through the sale of interests in Delaware Statutory Trusts (DSTs) holding real properties. For more information, visit www.jllexchange.com.
About JLL Income Property Trust, Inc. ((NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $78 billion of assets in private and public real estate property and debt investments as of Q1 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit https://www.lasalle.com.
Valuations, Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
Chicago (April 25, 2023) – JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $7 billion in portfolio assets, announced today the acquisition of Louisville Logistics Center, a one-million-square-foot, newly constructed Class A industrial property strategically located in the top-tier industrial submarket of South Louisville, Kentucky. The purchase price was approximately $82 million.
Louisville Logistics Center is leased through 2032 to a nationally recognized, global transportation and logistics company with more than $100 billion in annual revenues and with an S&P “A” credit rating. The lease contains 2% annual rent escalations, along with two 10-year renewal options.
Constructed in 2022, the Louisville Logistics Center is a state-of-the-art, cross dock distribution center featuring 40-foot clear heights. The tenant has invested significant capital into equipment and technology specifically customized for their operations in the property. Louisville is also home to major air and ground distribution hubs for UPS. UPS’s investment and success in the market has made Louisville one of the more desirable and proven logistics locations in the central United States.
“Louisville’s central geographic location, irreplaceable transportation infrastructure, and strong interstate highway access make it a desirable and strategic location for both regional and national logistics,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “The property’s new construction, significant improvements by the tenant, and a 10-year lease to an investment-grade Fortune 100 company, make this an attractive addition to our carefully constructed warehouse portfolio. Further, pricing on this quality of property is nearly 150 basis points improved over market pricing eighteen months ago. For investors like us with access to capital, these market conditions should present some exceptional investing opportunities.”
Louisville’s central location at the confluence of major highways allows distribution to over half the US population within a day’s drive via interstate highways I-24, I-64, I-65, I-71 and I-75, reinforcing JLL Income Property Trust’s research-led industrial strategy focused on acquiring properties with primary access to critical hubs of distribution and transportation infrastructure. The property is also within 20 miles of major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub), and the Louisville International Airport.
This investment brings JLL Income Property Trust’s aggregate industrial allocation to nearly $2.2 billion, or 32 percent of the portfolio, across 59 properties in 13 targeted warehouse markets.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q4 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com.
Valuations, Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
LaSalle Investment Management (“LaSalle”) has continued to deliver upon its environmental, social responsibility and governance (ESG) goals, recording improved performance in two industry-recognized global ESG benchmarks for asset managers.
Within the 2022 Global Real Estate Sustainability Benchmark (GRESB), 18 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized again for their ESG standards, further improving upon the results reported in 2021. Across 18 submissions, the firm achieved four 5-Star, eight 4-Star and six 3-Star GRESB Ratings.
LaSalle commingled products recognized within the 2022 GRESB include:
In addition, LaSalle has also received updated scores for the 2021 ‘Principles for Responsible Investment’ (PRI) Assessment Report, most notably securing a 5-star rating in the Investment & Stewardship Policy score, the only rating that applies across the whole of the firm. 5-star scores are reserved for asset managers that can, “demonstrate leading practices within the responsible investment industry.”
These results come following changes to the PRI’s reporting structure and scoring methodology, which included moving to a star classification system from letter classification.
LaSalle PRI Assessment Report results include:
David DeVos, Global Head of ESG at LaSalle said: “These impressive results evidenced in leading industry benchmarks demonstrate LaSalle’s commitment and expertise in delivering upon our ESG goals. While pleasing to have secured these metrics, reinforcing LaSalle’s status as a leader in responsible real estate investment, we continue to seek opportunities to accelerate our efforts in achieving our long-term targets and achieving superior performance for our clients.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.9 billion in portfolio assets and advised by LaSalle Investment Management, today announced the acquisition of Duke Medical Plaza, a nearly 60,000-square-foot, world-class, medical office building in Durham, North Carolina. The purchase price was approximately $37 million.
Occupying more than 86 percent of the property, Duke University Health System, an affiliate of Duke University, is the anchor tenant of the four-story property. The health system recently agreed to a lease extension and expansion that will increase the property’s occupancy to 96 percent with a weighted average lease term of more than nine years. Duke Health, the umbrella organization for the broad activities of the Duke University healthcare affiliates that occupy the property, is the state’s dominant academic healthcare provider, with 31 percent of local market share, and is ranked as the best hospital in North Carolina.
“We’re thrilled to add Duke Medical Plaza to our growing healthcare portfolio, as we continue to make healthcare-focused properties our priority focus within the office sector,” said JLL Income Property Trust President and CEO Allan Swaringen. “This well-located property, occupied by a world class tenant, fits squarely into our strategy of acquiring medical office buildings with these traits. This acquisition further diversifies our portfolio across our targeted property sectors that align with our Research & Strategy team’s recommended overweights.”
Constructed in 2010, Duke Medical Plaza is strategically located at the intersection of Interstate 40 and US 15-501 in the sought-after Research Triangle submarket, making it a close drive to large health systems including Duke Health and UNC Health in both Chapel Hill and Durham, respectively. This location provides easy access for patients and access to a highly educated workforce. Additionally, the property is in the middle of a large mixed-use center that includes a hotel and three forthcoming apartment communities.
This acquisition increases JLL Income Property Trust’s healthcare allocation to 15 properties totaling more than 1.1 million square feet, valued in excess of $450 million and representing approximately 8 percent of its overall portfolio
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, and advised by LaSalle Investment Management, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.
“The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O’Hare International Airport, which we believe will drive long-term value for these properties. Industrial remains an overweight target for our portfolio given our belief that it will provide strong, long-term cashflow to our diverse portfolio. Our aggregate industrial allocation is now over $1.7 billion, or approximately 30 percent of our $5.9 billion portfolio, and includes 54 properties across 13 key markets.”
Recently constructed in 2020, the properties are built to state-of-the-art design specifications. The larger building, which totals over 326,000 square feet, is cross-docked with 33-foot clear heights. The smaller building, which totals more than 80,000 square feet is rear docked and has 29-foot clear heights and includes a front-office. The properties are 100 percent leased with a weighted average lease term of approximately 10 years.
According to LaSalle Research & Strategy, the Chicago metro is the country’s second largest industrial market, with 1.2 billion square feet of industrial space. Chicago’s central location, proximity to irreplaceable transportation infrastructure and access to a large population make it a critical hub for national distributors. Over the four quarters ending in Q1 2021, Chicago’s industrial market experienced 18.5 million square feet of net absorption and a steady decline in vacancy rates. Chicago also has the highest going-in yields of any gateway industrial market in the U.S. The Elgin Distribution center also benefits from access to a growing population and large labor pool, as well as excellent access to major transportation nodes including Interstate 90, Route 31, Randall Road and Route 47.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderum. Ex duo eripuit mentitum. Et has minim elitr intellegat.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
Valuations, Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets and advised by LaSalle Investment Management, today announced the acquisition of South Louisville Distribution Center, a 327,000-square-foot, newly constructed Class A industrial property strategically located in the Bullitt County industrial submarket, one of Louisville’s top locations for industrial properties. The purchase price was $39.5 million.
The property is fully leased for seven years to Rivian, an electric vehicle automaker and automotive technology company which recently completed a successful initial public offering. The lease includes annual rent increases of 2.75 percent.
“South Louisville Distribution Center is an excellent fit within our geographically diversified industrial portfolio given its location near irreplaceable transportation infrastructure, state-of-the-art construction and the positive dynamics of Louisville’s industrial market,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The Bullitt County submarket has also been a recent benefactor of supply constraints in the closer-in airport industrial submarket, with limited big-box vacancy, which should continue to create strong demand for industrial space there. We have high conviction in the overall warehouse property sector and its ability to create stable, long-term cashflow, which is why we continue to view it as an overweight allocation for our portfolio.”
JLL Income Property Trust’s aggregate industrial allocation is now over $1.7 billion of warehouse holdings in 54 properties across 13 key markets, representing the second largest property type allocation in the portfolio.
Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting.
According to LaSalle Research & Strategy, Louisville is an overweight market whose merit is driven by an above average return outlook, lower volatility and strong rent growth expectations. Louisville’s central location at the confluence of major Interstate highways including I-64, I-65, and I-71, reinforcing JLL Income Property Trust’s research-led industrial strategy focused on acquiring properties with primary access to critical hubs of distribution and transportation infrastructure. The property is a short drive from major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville International Airport. The Louisville industrial market’s vacancy rate is just 3.7 percent, below the 4 percent national average vacancy for industrial.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets advised by LaSalle Investment Management, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million.
“Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments.”
This acquisition increases JLL Income Property Trust’s healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio.
Swaringen added: “The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow.”
The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle’s Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.5 billion in portfolio assets advised by LaSalle Investment Management, today announced the acquisition of Friendship Distribution Center, a newly constructed, four-building industrial portfolio totaling nearly 650,000 square feet. The Class A properties are located in the Atlanta suburb of Buford, Georgia, home to the premier Northeast Atlanta industrial submarket. The purchase price was $95 million.
“Friendship Distribution Center’s location in Atlanta’s Northeast submarket, high quality new construction and proximity to irreplaceable transportation infrastructure makes this an excellent portfolio fit for us as we continue to execute on our strategy of increasing our allocation to core industrial assets,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given this property’s strong tenant profile and exceptional location, this acquisition aligns well with our overall strategic objectives.”
JLL Income Property Trust’s aggregate industrial allocation is now over $1.6 billion of industrial holdings in 54 properties across 13 key markets, representing the second largest property type allocation in the portfolio.
Friendship Distribution Center is in an “A” location, with immediate proximity to Interstate 985, the major highway in the Northeast Atlanta submarket. Its strategic location provides access to the entire Eastern seaboard within a one to two-day drive.
Friendship Distribution Center is 96 percent leased to five tenants, with a weighted average lease term of approximately six years. According to LaSalle Research & Strategy, Atlanta is the fourth largest industrial market in the U.S. with more than 660 million square feet of space. The market set an absorption record in the second quarter of 2021 of 8.6 million square feet, bringing vacancy down to just 5 percent. The Northeast submarket specifically saw 2.1 million square feet of net absorption in the second quarter, the highest of any submarket in the Atlanta metro area, accounting for 24 percent of total absorption.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit wwwww.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.1 billion in portfolio assets advised by LaSalle Investment Management, announced today the acquisition of Miramont Apartments in the Denver suburb of Fort Collins, Colorado. The 15-building, 210-unit garden-style apartment community was acquired for approximately $58 million, bringing the portfolio’s total residential allocation to more than $2 billion, or 43 percent of total assets.
“The addition of Miramont Apartments increases our residential allocation, an overweight target for us, and aligns with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given its proximity to key economic drivers such as Colorado State University and local technology and manufacturing companies, along with a limited construction pipeline and low vacancy, we believe this investment will continue to see strong tenant demand and stable occupancy, making this an attractive, long-term investment for our diversified portfolio.”
Constructed in 1995, Miramont Apartments recently underwent unit renovations and has maintained a strong average occupancy of greater than 94 percent over the past three years. The community is currently more than 98 percent leased.
Located 50 miles north of Denver along I-25, Fort Collins is the No. 3-ranked market by LaSalle Research & Strategy on its most recent Small Apartment Market Analysis owing to Fort Collins’s limited construction pipeline, strong long-term vacancy rate of just 4.3 percent (15-year average) and annualized rent growth of 4 percent over the last 15 years. This market’s vacancy rate and rent growth are 1.2 percent and 1.6 percent better than the US average, respectively. Fort Collins also has a favorable rent versus own dynamic with median home prices of more than $400,000. The city also benefits from a strong labor market, bolstered by Colorado State University, which drives demand for well-located highly-amenitized apartment communities. The property is also located in an A-rated school district, according to Niche.com, and benefits from several walkable retail amenities.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.1 billion in portfolio assets advised by LaSalle Investment Management, announced today the acquisition of Pinecone Apartments in the Denver suburb of Fort Collins, Colorado. The 13-building, 195-unit garden-style apartment community was acquired for approximately $52 million, bringing JLL Income Property Trust’s total residential allocation to more than $2.0 billion, or 43 percent of total assets.
“The addition of Pinecone Apartments increases our residential allocation, an overweight target for us, and fits extremely well with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given its proximity to Colorado State University and the north suburban Denver area, we believe this investment will continue to see strong tenant demand and stable occupancy, making this an attractive, long-term investment for our diversified portfolio.”
Constructed in 1993, Pinecone Apartments recently underwent unit renovations and has maintained a strong average occupancy of 95 percent over the past three years. The community is currently 97 percent leased.
Located 50 miles north of Denver along I-25, Fort Collins is the No. 3-ranked market by LaSalle Research & Strategy on its most recent Small Apartment Market Analysis owing to Fort Collins’s limited construction pipeline, strong long-term vacancy rate of just 4.3 percent (15-year average) and annualized rent growth of 4 percent over the last 15 years. This market’s vacancy rate and rent growth are 1.2 percent and 1.6 percent better than the US average, respectively. The city benefits from a strong labor market, bolstered by Colorado State University, which drives demand for well-located, amenitized apartment communities. The property is also located in an A-rated school district, according to Niche.com, and benefits from several walkable retail amenities.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.1 billion in portfolio assets and advised by LaSalle Investment Management, today announced the acquisitions of 5 & 47 National Way, two life sciences properties located in Durham, North Carolina. The properties total approximately 375,000 square feet and are each 100 percent leased to life science tenants. The purchase price was approximately $67 million.
“Healthcare-focused properties, including life sciences, continue to be an area of focus for us as we look to capture the property type’s nearly unparalleled leasing demand and long-term value,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Limited new supply, exceptionally strong occupancy along with significant barriers to entry due to higher construction and tenant improvement costs made 5 & 47 National Way attractive investments. The tenants have also shown their commitment by investing, approximately, a combined $180 million in property upgrades to create world-class laboratory facilities. We’re pleased to add these properties to our growing healthcare-oriented portfolio.”
Both properties were newly constructed in 2020 and include above-standard improvements by both tenants including lab, clean and cold rooms, specialized sanitation stations, and specialized water and power upgrades.
The properties are located adjacent to Research Triangle Park, the largest dedicated scientific research park in the U.S. and one of the primary economic drivers in the Raleigh-Durham area. LaSalle Research & Strategy ranks Raleigh as an “overweight” market for life science properties given projected annual rent growth of 4.7 percent through 2024. Vacancy in the nearby Interstate-40/Research Triangle Park submarket is just 2.3 percent and limited new supply has contributed to accelerated rent growth. The weighted average lease term on the two properties is more than 14 years.
This acquisition increases JLL Income Property Trust’s healthcare allocation to eight properties totaling more than 910,000 square feet, valued at nearly $350 million and representing approximately 7 percent of its overall portfolio. JLL Income Property Trust earlier this year purchased 170 Park Avenue, a premier life sciences property in Florham Park, New Jersey and recently acquired 9101 Stony Point Drive, one of Virginia’s top medical office properties.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $4.5 billion in portfolio assets advised by LaSalle Investment Management, announced today the acquisition of The Preserve at the Meadows, a garden-style apartment community in Fort Collins, Colorado. The purchase price was approximately $61 million, and brings the portfolio’s total residential allocation to nearly $1.8 billion, or 41 percent of total assets.
“This addition to our growing residential portfolio fits extremely well with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given its proximity to Colorado State University and the Denver metro area we believe The Preserve will continue to see growing tenant demand and higher occupancies, making this an attractive, long-term investment for our diversified portfolio.”
Located 50 miles north of Denver along I-25, Fort Collins is the No. 3-ranked market by LaSalle Research & Strategy on its most recent Small Apartment Market Analysis owing to Fort Collins’s limited construction pipeline, strong long-term vacancy rate of just 4.3 percent (15-year average) and annualized rent growth of 4 percent over the last 15 years. This market’s vacancy rate and rent growth are 1.2 percent and 1.6 percent better than the US average, respectively. The city benefits from a strong labor market, bolstered by Colorado State University, which drives demand for well-located highly-amenitized apartment communities. The property is currently 97 percent leased. The Preserve is also located in an A-rated school district, according to Niche.com, and benefits from several walkable retail amenities.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $4.5 billion in portfolio assets advised by LaSalle, today announced it has acquired an approximately 47 percent interest in a stabilized, core, geographically diverse single-family rental portfolio. The existing portfolio of over 4,000 homes was assembled and is managed in a venture with affiliates of Amherst Residential, an Austin, Texas-based investor and manager of single-family rental homes and an institutional investor. Income Property Trust’s 47 percent investment was acquired for approximately $560 million based on an overall portfolio valuation of $1.2 billion.
“This is a unique and attractive opportunity for us to enter the single-family rental market at scale through a previously acquired, renovated and stabilized portfolio with broad nationwide diversification,” noted Allan Swaringen, President and CEO of JLL Income Property Trust. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows along with an attractive risk adjusted return profile. Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages.”
“Those strong fundamentals are also supported by favorable demographics as a diverse set of cross-generational tenants seek single-family home living, increased demand as people look for more living space amid and post-pandemic, along with a constrained supply of new homes and rising construction costs.” Swaringen added, “We are focused on investing in sectors that benefit from strong, secular tailwinds and we believe that single-family rentals are an excellent complement to our existing broadly diversified apartment portfolio. With this transaction we have grown our residential allocation to over 40 percent of our portfolio, a strategic overweight objective for us over the last few years.”
The portfolio is broadly diversified across fourteen major markets in 10 different states with homes spread across multiple locations within these markets. Nearly 80 percent of the portfolio is located in LaSalle’s research identified single-family market recommendations which include Atlanta, Dallas, Phoenix, Nashville, Charlotte, and Tampa. This broadly diversified portfolio offers a compelling risk-return profile relative to traditional large-scale apartment communities given limited asset-specific risks as compared to the traditional supply and geographic risks inherent with numerous units concentrated in one location. The portfolio is currently over 96 percent leased and occupied with no displacement anticipated as a result of the transaction.
JLL Income Property Trust’s investment was funded with approximately $205 million of equity and an assumption of its proportionate share of attractive in-place financing – a $761 million securitized loan, interest only at a fixed rate of 2.1 percent maturing at the end of 2025. At the current valuation the portfolio loan-to-value ratio is approximately 63 percent.
Amherst Residential is a privately-owned, vertically integrated owner and operator of more than 30,000 single-family rental homes in 30 markets and 20 states aggregating to more than $9.8 billion of assets under management. The firm delivers customized, stabilized cash-flowing portfolios of assets to its investors, wrapped in all the ongoing services required to manage, own, and finance the asset including property management, portfolio management, and a full capital markets team. Its investment platform utilizes a sophisticated, technology-based acquisition process to identify parameters, such as an area’s economic viability, household formation, employment, and population trends, and the competitive landscape. They operate the fourth largest single-family rental platform in the U.S.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
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About Amherst Residential
Amherst is on a mission to transform the way real estate is owned, financed, and managed. Amherst leverages its proprietary data, analytics, technology, and decades of experience to seek solutions for a fragmented, slow-to-evolve real estate ecosystem and to materially improve the experience for residents, buyers, sellers, communities, and investors. Over the past decade, Amherst has scaled its residential platform to become one of the largest operators of single-family assets and has acquired, renovated, and leased more than 37,000 homes across 30 markets in the U.S. Today Amherst has over 900 employees and more than $9.8 billion in assets under management*.
*As of 3/31/21
About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
