JLLIPT Acquires $154M Apartment Community in Orlando

JLL Income Property Trust has acquired Jefferson Lake Howell, a newly constructed, class-A apartment community in the northern Orlando suburb of Casselberry, FL. The amenity-rich, lakefront, 384-unit garden-style apartment community was acquired for approximately $154 million.

“This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust president and CEO. “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment that we believe will drive long-term, stable cash flow for our portfolio.”

The Orlando apartment market is a LaSalle Research & Strategy recommended overweight for core investment given its strong in-migration trends, limited for-sale housing stock and record-low residential vacancy rates.