Chicago—JLL announced the acquisition of 180 N. Jefferson St. located in Chicago’s West Loop for $96.5 million. The 28-story, 274-unit property is located in a live/work/play location where residents have access to Chicago’s employment, mass transit, restaurants, nightlife and retail amenities.
“The acquisition of 180 N. Jefferson St. 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,” said Allan Swaringen, president & CEO of JLL, in prepared remarks.
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 neighboring suburban areas to the location as it continues to grow in popularity for both businesses and residents.
The West Loop location provides residents with walkable access to the metro’s downtown employment center which consists of more than 120 million square feet of office space as well as nightlife destinations including Randolph Street’s Restaurant Row, Fulton Market, Green Street and the French Market. Recent corporate relocations to Chicago’s West Loop include William Blair, DLA Piper, Hyatt Hotels, McDonald’s, Hillshire Brands and United Airlines.
“This is our eighth multifamily apartment acquisition, bringing our aggregate apartment portfolio investment to more than $513 million, as we continue to focus on investing in property types and geographic regions to achieve portfolio diversification and attractive risk-adjusted returns for our stockholders,” added Swaringen.
Image courtesy of JLL