JLL Income Property Trust has recently sold a 28-story apartment complex located at 180 North Jefferson in Chicago’s West Loop neighborhood. The property, which consists of 274 fully renovated units and upgraded common area amenities, was highly sought after by institutional investors.
According to Allan Swaringen, President and CEO of JLL Income Property Trust, the sale of this property marks the completion of their business plan for this investment over an almost eight-year period. This will allow them to reinvest in higher yielding properties that are expected to generate better cash flows and returns in the future. Throughout their ownership, the property maintained high occupancy rates and generated significant net operating income for their fund.
The transaction was facilitated by CBRE’s John Jaeger, Justin Puppi,and Jason Zyck on behalf of JLL Income Property Trust. While they did not disclose the buyer’s identity, Crain’s reported that Milbourne Capital LLC purchased the building for $76 million.
