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JP Morgan REIT Adds Two SE Rental Assets
J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) acquired two multifamily communities: The Preserve at Pine Valley in Wilmington, NC and Bass Lofts in Atlanta, GA.
The Preserve at Pine Valley, a 219-unit, Class-B housing community, was acquired in a 90/10 joint venture partnership with Ginkgo Residential, a Charlotte-based owner and operator focused on workforce housing. Situated in central Wilmington, the property offers residents convenient access to Downtown Wilmington, Wrightsville Beach, and the Novant Regional Medical Center. The purchase price was $32.1 million.
Bass Lofts is a 133-unit, adaptive reuse, Class-A multifamily property located in the in-town neighborhood of Little Five Points in Atlanta, GA. Originally constructed in 1923 as a school, It is currently 96% leased. The total purchase price was $34.8 million.
Doug Schwartz, Co-President of JPMREIT, added, “The Sunbelt region is experiencing declining supply amidst continued population and wage growth, making it a focal point for our investment strategy.”
- ◦Sale/Acquisition
