JLL Income Property Trust Buys Charlotte Asset for $55M

The REIT boosted its apartment allocation to more than $950 million by scooping up the new, 230-unit community in the city's Uptown area.
Presley Uptown. Image courtesy of JLL Income Property Trust

JLL Income Property Trust has acquired Presley Uptown, a new 230-unit apartment community in Charlotte, N.C.’s Uptown neighborhood for about $55 million. Proffitt Dixon Partners completed the property at 900 E. Stonewall St. in 2016.

The one-building community offers units ranging in size from studios to three-bedroom layouts and is 93 percent occupied, according to Yardi Matrix data. Amenities include a fitness center, business center, clubhouse and swimming pool. More than 100,000 jobs with companies from Bank of America to Microsoft as well as the city’s main hospital campuses are located within walking distance of the property.

Through the deal, JLL Income Property Trust boosted its aggregate apartment allocation to more than $950 million, with more than 3,600 apartment units. The NASDAQ-listed REIT has a total portfolio of 75 properties that includes industrial, office and retail in addition to multifamily.

In August, the trust bought a newly developed, 273-unit luxury community in downtown Chandler, Ariz., for $72 million. Wood Partners was the seller of the Phoenix-area asset, Summit at San Marcos.