JLL Income Pays $73M for Alabama MF

JLL Income Property Trust has acquired the 276-unit Lane Parke Apartments at 2525 Parke Lane Court North in Mountain Brook, AL. The Chicago-based buyer paid $73.3 million for the asset.  The seller was undisclosed.

Mountain Brook, a suburb of Birmingham, is one of the wealthiest zip codes in the United States. The property was 97% occupied, with an estimated cap rate of 5.3%, based on the purchase price.

“The purchase of Lane Parke furthers our apartment acquisition strategy, which is geared toward identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry for new apartments,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This is our sixth property investment in the apartment sector.”