CHICAGO, August 11, 2021 / PRNewswire / – JLL Income Property Trust, an institutionally managed daily REIT (NASDAQ: ZIPTAXE; ZIPTMX; ZIPIAX; ZIPIMX) with over $ 4.5 billion in Portfolio Assets, today announced it has acquired an approximate 47% interest in a stable, core and geographically diverse single-family rental housing portfolio. The existing portfolio of more than 4,000 housing units has been assembled and is managed in partnership with subsidiaries of Amherst Residential, a Austin, Texas-based investor and manager of single-family rental homes and an institutional investor. Income Property Trust’s 47% investment was acquired for approximately $ 560 million on the basis of an overall valuation of the portfolio of $ 1.2 billion.
“This is a unique and attractive opportunity for us to enter the large-scale single-family rental market through a previously acquired, renovated and stabilized portfolio with broad diversification nationwide,” noted Allan Swaringen, President and CEO of JLL Income Property Trust. “The room The Research & Strategy team has identified the leasing of single-family homes as a “near-core” real estate sector ready to accelerate institutional capital inflows with an attractive risk-adjusted return profile. Given the outlook for superior long-term tenant demand growth, our research predicts expected long-term rental and NOI growth to exceed all other institutional property type averages. ”
“These strong fundamentals are also supported by favorable demographics as a diverse set of intergenerational renters seek a single-family home, increased demand as people seek more living space amid and post-pandemic, as well as a limited supply of new homes and increasing construction costs. “Swaringen added:” We are focused on investing in areas that benefit from strong and secular favorable winds and we believe that single-family rentals are a great complement to our existing broadly diversified apartment portfolio. With this transaction, we have increased our residential allocation to over 40 percent of our portfolio, a strategic objective of overweighting for us in recent years. “
The portfolio is broadly diversified across fourteen major markets in 10 different states with homes spread across multiple locations within those markets. Almost 80 percent of the portfolio is located in The room research has identified recommendations in the single-family home market that include Atlanta, Dallas, Phoenix, Nashville, Charlotte, and Tampa. This broadly diversified portfolio offers a compelling risk-return profile compared to traditional large-scale apartment communities given the limited asset-specific risks compared to the traditional offering and the geographic risks inherent in many units concentrated in one. place. The portfolio is currently more than 96% leased and occupied with no travel planned as a result of the transaction.
JLL Income Property Trust’s investment was funded by approximately $ 205 million equity and the assumption of its proportional share of the attractive financing in place – a $ 761 million securitized loan, interest only at a fixed rate of 2.1% maturing at the end of 2025. At current valuation, the loan-to-portfolio ratio is approximately 63%.
Amherst Residential is a privately-owned and vertically integrated owner and operator of more than 30,000 single-family rental homes in 30 markets and 20 states, comprising more than $ 9.8 billion assets under management. The company provides its investors with personalized and stabilized cash flow asset portfolios, comprising all the ongoing services required to manage, own and finance the asset, including property management, portfolio management and a comprehensive markets team. capital. Its investment platform uses a sophisticated and technology-based acquisition process to identify parameters, such as the economic viability of a region, household formation, employment and demographic trends, and the landscape. competitive. They operate the fourth largest single-family home rental platform in the United States
JLL Income Property Trust is an institutionally managed daily REIT that offers investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services companies.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
About Amherst Residential
Amherst mission is to transform the way real estate is owned, funded and managed. Amherst leverages its proprietary data, analytics, technology and decades of experience to research solutions for a fragmented and slow-moving real estate ecosystem and to dramatically improve the experience for residents, buyers, sellers, communities and investors. During the last decade, Amherst has evolved its residential platform to become one of the largest operators of single-family assets and has acquired, renovated and leased more than 37,000 homes in 30 markets in the United States Today, Amherst has more than 900 employees and over $ 9.8 billion in assets under management *.
About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAXE; ZIPTMX; ZIPIAX; ZIPIMX), Jones Lang LaSalle Income Property Trust, Inc. is a daily net asset value REIT that owns and manages a diversified portfolio of high quality, income producing residential, industrial, office and grocery retail properties located in United States. JLL Income Property Trust plans to further diversify its real estate portfolio over time, including globally. For more information visit www.jllipt.com.
About LaSalle Asset Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. Worldwide, The room manages around $ 73 billion assets in private and public real estate and debt investments in Q1 2020. The room The diverse clientele includes public and private pension funds, insurance companies, governments, corporations, foundations and individuals around the world. The room sponsors a full range of investment vehicles, including segregated accounts, open and closed-end funds, government securities and entity level investments. For more information, please visit http://www.lasalle.com.
Evaluations, forward-looking statements and future results
This press release may contain forward-looking statements regarding JLL Income Property Trust. Forward-looking statements are statements which are not descriptions of historical fact and include statements regarding the intentions, beliefs, expectations, research, market analysis, plans or predictions of management. Since these statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by these forward-looking statements. Past performance is no guarantee of future results and there can be no assurance that future dividends will be paid.
LaSalle Investment Management
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SOURCE JLL Real Estate Income Trust