{"id":492254,"date":"2021-05-12T09:06:23","date_gmt":"2021-05-12T13:06:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/"},"modified":"2021-05-12T09:06:23","modified_gmt":"2021-05-12T13:06:23","slug":"jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/","title":{"rendered":"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">CHICAGO<\/span>, <span class=\"xn-chron\">May 12, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=1919293615&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptax&amp;a=ZIPTAX\" rel=\"nofollow noopener\">ZIPTAX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=1159319940&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptmx&amp;a=ZIPTMX\" rel=\"nofollow noopener\">ZIPTMX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=369357738&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipiax&amp;a=ZIPIAX\" rel=\"nofollow noopener\">ZIPIAX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=561789569&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipimx&amp;a=ZIPIMX\" rel=\"nofollow noopener\">ZIPIMX<\/a>) with more than <span class=\"xn-money\">$3.6 billion<\/span> in portfolio assets and 86 properties,\u00a0announced today the acquisition of Princeton North Andover, a 192-unit, luxury apartment community in the affluent north-<span class=\"xn-location\">Boston<\/span> suburb of <span class=\"xn-location\">North Andover, Massachusetts<\/span>. The purchase price was <span class=\"xn-money\">$72.5 million<\/span>.<\/p>\n<p>&#8220;This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,&#8221; noted <span class=\"xn-person\">Allan Swaringen<\/span>, JLL Income Property Trust President and CEO. &#8220;<span class=\"xn-location\">North Andover&#8217;s<\/span> strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio.&#8221;<\/p>\n<p>Suburban <span class=\"xn-location\">Boston<\/span> is listed as an &#8220;overweight&#8221; market and ranked in the top five markets, according to <span class=\"xn-location\">LaSalle&#8217;s<\/span> Research &amp; Strategy Group&#8217;s proprietary national market tracking database. <span class=\"xn-location\">Greater Boston<\/span> boasts a highly educated labor market given the number of higher education institutions located in and around the city. This workforce supports <span class=\"xn-location\">Boston&#8217;s<\/span> established and growing technology, biotech, and pharmaceutical employment sectors and subsequently drives demand for high-end housing. Princeton <span class=\"xn-location\">North Andover<\/span> is located in the <span class=\"xn-location\">North Essex County<\/span> submarket, which boasts an extremely low vacancy rate of 2.2 percent. <\/p>\n<p>\n        <span class=\"xn-location\">North Andover<\/span> upholds one of the strongest demographic profiles of all surrounding towns, with an average household income of more than <span class=\"xn-money\">$160,000<\/span>, an average home sale price of more than <span class=\"xn-money\">$700,000<\/span>, and a public school system that ranks in the top 25 percent state wide, according to Niche.com. JLL income Property Trust&#8217;s acquisition of Princeton North Andover on an off-market basis was at approximately <span class=\"xn-money\">$375,000<\/span> per unit. <\/p>\n<p>Constructed in 2019, Princeton North Andover features luxury unit finishes and provides residents with a robust community amenity package including a fitness center, pool, yoga studio, outdoor grilling areas, and resident clubhouse. The property also offers rare suburban walkability with nearby live-work-play amenities including retail, restaurants, and a commuter rail station just two miles away. Located less than two miles from I-495 and a short drive from I-93, Princeton North Andover offers convenient access to an abundance of suburban employment as well as <span class=\"xn-location\">Downtown Boston<\/span>. <\/p>\n<p>JLL Income Property Trust&#8217;s aggregate apartment allocation is now over <span class=\"xn-money\">$1.1 billion<\/span>, with 4,034 apartment units across 17 communities representing 33 percent of the <span class=\"xn-money\">$3.6 billion<\/span>, 86-property portfolio.<\/p>\n<p>\n        <b>About JLL Income Property Trust<\/b>\u00a0(NASDAQ: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=1919293615&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptax&amp;a=ZIPTAX\" rel=\"nofollow noopener\">ZIPTAX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=1159319940&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fziptmx&amp;a=ZIPTMX\" rel=\"nofollow noopener\">ZIPTMX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=369357738&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipiax&amp;a=ZIPIAX\" rel=\"nofollow noopener\">ZIPIAX<\/a>; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=561789569&amp;u=http%3A%2F%2Fwww.nasdaq.com%2Fsymbol%2Fzipimx&amp;a=ZIPIMX\" rel=\"nofollow noopener\">ZIPIMX<\/a>),<br \/>Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in <span class=\"xn-location\">the United States<\/span>. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=3747211401&amp;u=http%3A%2F%2Fwww.jllipt.com%2F&amp;a=www.jllipt.com\" rel=\"nofollow noopener\">www.jllipt.com<\/a>.<\/p>\n<p>\n        <b>About LaSalle Investment Management<br \/><\/b>LaSalle Investment Management is one of the world&#8217;s leading real estate investment managers. On a global basis, <span class=\"xn-location\">LaSalle<\/span> manages approximately <span class=\"xn-money\">$71 billion<\/span> of assets in private and public real estate property and debt investments as of Q4 2020. <span class=\"xn-location\">LaSalle&#8217;s<\/span> diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. <span class=\"xn-location\">LaSalle<\/span> sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=3646869895&amp;u=http%3A%2F%2Fwww.lasalle.com%2F&amp;a=http%3A%2F%2Fwww.lasalle.com\" rel=\"nofollow noopener\">http:\/\/www.lasalle.com<\/a>, and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3159944-1&amp;h=4113126221&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Flasalle-investment-management%2F&amp;a=LinkedIn\" rel=\"nofollow noopener\">LinkedIn<\/a>.<\/p>\n<p>\n        <b><br \/>\n          <i>Valuations, Forward Looking Statements and Future Results<br \/><\/i><br \/>\n        <\/b><br \/>\n        <i>This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management&#8217;s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.<\/i>\n      <\/p>\n<p>\n        <b>Contacts:<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Scott Sutton<\/span><br \/>\n        <br \/>LaSalle Investment Management<br \/>Telephone:\u00a0 +1 224 343 5538<br \/>Email:\u00a0\u00a0 <a target=\"_blank\" href=\"mailto:scott.sutton@lasalle.com\" rel=\"nofollow noopener\">scott.sutton@lasalle.com<\/a><\/p>\n<p>\n        <span class=\"xn-person\">Doug Allen<\/span><br \/>\n        <br \/>Dukas Linden Public Relations<br \/>Telephone: +1 646 722 6530<br \/>Email:\u00a0 <a target=\"_blank\" href=\"mailto:JLLIPT@DLPR.com\" rel=\"nofollow noopener\">JLLIPT@DLPR.com<\/a><\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder4993\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo.jpg\" title=\"JLL Income Property Trust (PRNewsfoto\/JLL Income Property Trust)\" alt=\"JLL Income Property Trust (PRNewsfoto\/JLL Income Property Trust)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CL74043&amp;sd=2021-05-12\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston-301289403.html\">http:\/\/www.prnewswire.com\/news-releases\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston-301289403.html<\/a><\/p>\n<p>SOURCE  JLL Income Property Trust<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CL74043&amp;Transmission_Id=202105120900PR_NEWS_USPR_____CL74043&amp;DateId=20210512\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire CHICAGO, May 12, 2021 \/PRNewswire\/ &#8212;\u00a0JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $3.6 billion in portfolio assets and 86 properties,\u00a0announced today the acquisition of Princeton North Andover, a 192-unit, luxury apartment community in the affluent north-Boston suburb of North Andover, Massachusetts. The purchase price was $72.5 million. &#8220;This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,&#8221; noted Allan Swaringen, JLL Income Property Trust President and CEO. &#8220;North Andover&#8217;s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-492254","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CHICAGO, May 12, 2021 \/PRNewswire\/ &#8212;\u00a0JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $3.6 billion in portfolio assets and 86 properties,\u00a0announced today the acquisition of Princeton North Andover, a 192-unit, luxury apartment community in the affluent north-Boston suburb of North Andover, Massachusetts. The purchase price was $72.5 million. &#8220;This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,&#8221; noted Allan Swaringen, JLL Income Property Trust President and CEO. &#8220;North Andover&#8217;s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will &hellip; Continue reading &quot;JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-12T13:06:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston\",\"datePublished\":\"2021-05-12T13:06:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/\"},\"wordCount\":695,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/491287\\\/JLL_Income_Property_Trust_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\\\/\",\"name\":\"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/","og_locale":"en_US","og_type":"article","og_title":"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston - Market Newsdesk","og_description":"PR Newswire CHICAGO, May 12, 2021 \/PRNewswire\/ &#8212;\u00a0JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $3.6 billion in portfolio assets and 86 properties,\u00a0announced today the acquisition of Princeton North Andover, a 192-unit, luxury apartment community in the affluent north-Boston suburb of North Andover, Massachusetts. The purchase price was $72.5 million. &#8220;This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,&#8221; noted Allan Swaringen, JLL Income Property Trust President and CEO. &#8220;North Andover&#8217;s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will &hellip; Continue reading \"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-12T13:06:23+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston","datePublished":"2021-05-12T13:06:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/"},"wordCount":695,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/491287\/JLL_Income_Property_Trust_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-acquires-luxury-apartment-community-in-suburban-boston\/","name":"JLL Income Property Trust Acquires Luxury Apartment Community in Suburban Boston - 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