Timely Disposition to Reinvest at Beginning of
New Market Cycle
CHICAGO, Oct. 10,
2024 /PRNewswire/ -- JLL Income Property Trust, an
institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX;
ZIPIAX; ZIPIMX) with approximately $6.5
billion in portfolio equity and debt investments, announced
the sale of 180 North Jefferson, a
28-story apartment community in downtown Chicago, IL as part of its long-term strategy
of reinvesting capital at opportunistic points in the market
cycle. 180 North Jefferson,
located in Chicago's West Loop
neighborhood, includes 274 fully renovated apartment units – along
with upgraded common area amenities.
"We recently completed a renovation of all 274 units and
significantly upgraded the tenant amenities making it a good time
to capture those value enhancements through this sale," said
Allan Swaringen, President and CEO
of JLL Income Property Trust. "There remains strong institutional
interest in higher quality multi-family properties and having
completed our business plan for this investment over our nearly
8-year hold, this sale increases our available capital to reinvest
in higher yielding properties that we believe will improve future
cash flows and point forward returns. We have an attractive
overweight to residential, today 42% of our portfolio.
Harvesting this urban high-rise property frees up capital to pursue
our strategic overweight to suburban, garden-style apartment
communities in highly rated school districts – a proprietary,
research-led investment theme that has guided our market selection
more recently. Throughout our hold period, this investment
maintained a high level of occupancy and generated significant net
operating income for our fund."
Swaringen further commented, "As active managers of our
portfolio's property sector weightings, since 2013 we have sold
properties every year – in the aggregate approximately $1.1 billion in dispositions and 47
properties. To further validate our independent,
appraisal-based valuation methodology – an institutional approach
different from other NAV REIT offerings – all those arms-length
dispositions closed at a price within 2% of the investments' most
recent third-party appraisal. This should give investors'
confidence in our daily NAV – which also does not include a premium
for marking debt to market even though we have more than
$2.3 billion in fixed or
swapped-to-fixed below current market debt.
JLL Income Property Trust's allocation to residential
investments remains a significant overweight following this
disposition. At $2.6 billion, with
investments across 25 apartment communities and over 4,500 single
family rental homes, residential investments comprise the largest
percentage of JLL Income Property Trust's $6.5 billion portfolio at 42%.
JLL Income Property Trust was represented by CBRE, Inc. in the
transaction. "John Jaeger,
Justin Puppi and Jason Zyck's local knowledge of the Chicago market was key in helping to
successfully market the property, and we thank them for their
assistance," said Swaringen.
For more information on JLL Income Property Trust, please visit
our website at www.jllipt.com.
About JLL Income Property Trust, Inc. (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX;
ZIPIMX)
JLL Income Property Trust, Inc. is a
daily NAV REIT that owns and manages a diversified
portfolio of high quality, income-producing residential,
industrial, grocery-anchored retail, healthcare and office
properties located in the United
States. JLL Income Property Trust expects to
further diversify its real estate portfolio over time, including on
a global basis. For more information, visit
www.jllipt.com.
About LaSalle Investment Management | Investing Today. For
Tomorrow.
LaSalle
Investment Management is one of the world's leading real
estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public
real estate equity and debt investments as of Q2 2024.
LaSalle's diverse client
base includes public and private pension funds, insurance
companies, governments, corporations, endowments and private
individuals from across the globe. LaSalle sponsors a complete range of
investment vehicles, including separate accounts, open- and
closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com,
and LinkedIn.
Forward Looking Statements and Future
Results
This press release may contain
forward-looking statements with respect to JLL Income Property
Trust. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding
management's intentions, beliefs, expectations, research, market
analysis, plans or predictions of the future. Because such
statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Past performance is not indicative
of future results and there can be no assurance that future
dividends will be paid.
Contacts:
Alissa Schachter
LaSalle Investment
Management
Telephone: +1 312 339
0625
Email: Alissa.schachter@lasalle.com
Doug Allen
Dukas Linden Public Relations
Telephone: +1
646 722 6530
Email:
JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust