JLL Income Property Trust Grows Portfolio
- May 16, 2019
JLL Income Property Trust has expanded its portfolio with Stonemeadow Farms, a 280-unit community in Bothell, a suburb of Seattle. The luxury property traded for $81.8 million. AEW Capital Management was the seller, according to Yardi Matrix.
Stonemeadow Farms is located at 23028 27th Ave., near interstates 5 and 405, around 22 miles from downtown Seattle and within 15 miles of Bellevue. The location offers convenient access to major employers, such as Amazon, AT&T, Boeing, Expedia, Facebook and many others.
The 19-building community was constructed in 1999 on almost 30 acres and comprises a mix of one-, two- and three-bedroom units, averaging 814 square feet. The units feature washers and dryers, above standard ceiling height and private balconies or patios, according to Yardi Matrix. The property has also been recently renovated and features communal area amenities such as:
- Outdoor gourmet kitchen with two gas barbecues
- 24-hour fitness center
- Business center
The purchase brought JLL Income Property Trust’s aggregate apartment allocation to more than $820 million and around 3100 units and represents 32 percent of the value of the entire portfolio.
Earlier this year, AEW Capital Management sold a luxury community in Jersey City, N.J., for more than $260 million.