JLL-Backed REIT Pays $75M in Portland
- Jul 24, 2017
JLL Income Property Trust has acquired Jory Trail at the Grove, a 324-unit apartment community in Wilsonville, a southern suburb of Portland, Ore. The property, which traded for about $75 million, is currently 95 percent leased.
According to the buyer, Wilsonville is features a robust apartment market, low market vacancy and no multifamily units under construction or planned. Wilsonville’s employment base and high barriers to entry should result in continued strong demand and future rent growth, noted Allan Swaringen, president and CEO of JLL Income Property Trust.
Wilsonville, which is in western Clackamas County, is a growth suburb of Portland. In 2010, the Census Bureau put its population at 19,500. Only three years later, it was 21,400.
JLL Income’s first Pacific NW apartment buy
“Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase stability, growth and have high barriers to entry,” Swaringen said.
JLL Income Property Trust is a REIT that does not specialize in property type (it also owns an office building in Portland). The Wilsonville deal represents the REIT’s ninth property investment in the apartment sector, bringing its aggregate apartment allocation to nearly $600 million or 25 percent of its overall property portfolio by valuation.