J.P. Morgan REIT Expands Portfolio with Acquisition of Two Southeast Multifamily Properties
J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has acquired two multifamily communities in the Southeast, expanding its portfolio with properties in Wilmington, North Carolina, and Atlanta, Georgia.
The first acquisition, The Preserve at Pine Valley in Wilmington, NC, is a 219-unit, Class B multifamily community. The property was acquired through a 90/10 joint venture with Charlotte-based Ginkgo Residential, a firm specializing in workforce housing. Located in central Wilmington, the community provides residents with easy access to Downtown Wilmington, Wrightsville Beach, and the Novant Regional Medical Center. The purchase price was $32.1 million.
In Atlanta, JPMREIT acquired Bass Lofts, a 133-unit Class A adaptive reuse property located in the Little Five Points neighborhood. Originally constructed in 1923 as a school, the property has been converted into modern residential units and is currently 96% leased. The acquisition cost was $34.8 million.
Doug Schwartz, Co-President of JPMREIT, commented on the transaction, stating, “The Sunbelt region is experiencing declining supply amidst continued population and wage growth, making it a focal point for our investment strategy.”
These latest acquisitions highlight JPMREIT’s focus on high-demand, strategically located multifamily assets in growing markets across the Sunbelt region.
