JLL Income Property Trust has recently sold Stonemeadow Farms, a 280-unit apartment complex located in Bothell, a Seattle suburb. The property is situated less than 20 miles from Redmond, Bellevue and downtown Seattle.
The acquisition of Stonemeadow Farms took place in 2019 before the pandemic-induced record low interest and cap rates. It also benefited from the strong rent growth seen in the apartment sector during that time. This sale aligns with JLL Income Property Trust’s strategy to recycle investments by targeting stronger markets with potential for better growth.
According to Allan Swaringen, President and CEO of JLL Income Property Trust, “Stonemeadow Farms proved to be an excellent investment for us as it generated an attractive leveraged internal rate of return over our five-year hold.” He also stated that their largest overweight sector remains apartments and single-family rentals which make up over 40% of their portfolio.
With $2.7 billion invested in residential properties across 24 apartment communities and 4,500 single-family rental homes, this sector comprises the largest percentage (42%) of JLL Income Property Trust’s $6.6 billion portfolio.
This news was originally published on Connect CRE.
