JLL Income Property Trust has recently acquired Creekview Crossing, a luxurious apartment complex consisting of 183 units in Sherwood, Oregon’s suburban market. The property was purchased for approximately $61 million and also includes the assumption of an existing mortgage loan worth $26 million with a highly favorable interest rate.
The acquisition was facilitated by JLL Capital Markets Investment Sales Advisory team led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano. JLL acted on behalf of the seller while successfully procuring the buyer – a fund managed by LaSalle Investment Management. Built in 2009, Creekview Crossing boasts spacious one-, two- and three-bedroom floorplans.
According to Allan Swaringen, President and CEO of JLL Income Property Trust: “With strong fundamentals and positive demographic trends backing it up, residential real estate is one of our top-performing sectors that offers inflation-resistant rental growth as well as stable income for our shareholders.”
