JLL Income Property Trust announced the sale of Stonemeadow Farms, a 280-unit garden-style apartment community located in the Seattle suburb of Bothell, within 32 miles of Redmond, Bellevue and downtown Seattle.
Acquired in 2019 ahead of record low interest rates and cap rates due to the pandemic, and benefiting from record rent growth in the apartment sector since then, this sale targets a strong market looking for better growth. It supports the fund’s recycling strategy.
“Stonemeadow Farms has proven to be an outstanding investment for us, with attractive growth over our five-year holding period,” said Alan Swaringen, President and CEO of JLL Income Property Trust. “We have generated a high leveraged internal rate of return.” “We remain bullish on apartment and single-family rentals, our largest overweight sector, representing over 40% of our portfolio.”
At $2.7 billion, investments in the residential sector, spanning 24 apartment communities and 4,500 single-family rental homes, account for the largest share at 42% of JLL Income Property Trust’s $6.6 billion portfolio.
