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JLL IPT Sells Suburban Seattle Multifamily Property
JLL Income Property Trust announced the sale of Stonemeadow Farms, a 280-unit, garden-style apartment community in the Seattle suburb of Bothell less than 20 miles from Redmond, Bellevue and downtown Seattle.
Acquired in 2019, prior to the pandemic-induced record low interest and cap rates and benefiting from the apartment sector’s record high rent growth that followed, this sale supports the fund’s recycling strategy targeting stronger markets positioned for better growth.
“Stonemeadow Farms proved to be an outstanding investment for us, generating an attractive leveraged internal rate of return during our five-year hold,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “We remain bullish on apartments and single-family rentals, which represent our largest overweight sector at over 40% of our portfolio.”
At $2.7 billion, investments in the residential sector across 24 apartment communities and 4,500 single family rental homes comprise the largest percentage of JLL Income Property Trust’s $6.6 billion portfolio at 42%.
