JLL Income Property Trust Buys Orlando Property for $154M

2 min read

The community was more than 97 percent occupied at the time of sale.

Jefferson Lake Howell. Image courtesy of JLL Income Property Trust

JLL Income Property Trust has deepened its presence in Florida after acquiring a newly-constructed community in the Orlando suburb of Casselberry, Fla. The REIT acquired Jefferson Lake Howell for $154.1 million from Jefferson Apartment Group, according to Yardi Matrix data.

The Class A apartment community has 384 units spread throughout 16 three-story garden-style buildings. The units are in one-, two- and three-bedroom floorplans that range in size from 727 to 1,410 square feet. The units were built with 9-foot ceilings, walk-in closets, full-size washer and dryer, and a screened patio or balcony. Jefferson Lake Howell’s amenities include a private dock, clubroom, fitness center, lakeside lounge, paddleboard storage and two pools. According to Yardi Matrix data, the community is 97.1 percent occupied.

Located at 1124 Shoreview Circle, the community is 10 miles north of downtown Orlando and is near Interstate 4 and State Road 17, connecting residents to nearby employment nodes.

Allan Swaringen, president & CEO of JLL Income Property Trust, said in prepared remarks that the area has a limited supply of competitive properties, very little developable land for new apartments, and consistently low vacancy rates. He added in his prepared statement that the demand for Orlando apartments proved resilient and remained positive in 2020 even with the market impact of the pandemic.

FOCUSING ON STRONG FUNDAMENTALS

Swaringen also said in prepared remarks that the Jefferson Lake Howell acquisition aligned with the REIT’s strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition. Similarly, JLL Income Property Trust acquired a 47 percent stake in an SFR portfolio spread across 14 major markets since many of the properties included were located in markets with employment and population growth, along with a limited housing supply.

The REIT’s residential portfolio now totals more than $2.7 billion with more than 9,900 residential units across 24 apartment communities and the 14-market SFR portfolio. Overall, JLL Income Property Trust’s portfolio has more than $6.3 billion in assets, 43 percent of which is the residential portion.

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