BOSTON, MA – JLL Income Property Trust, an institutionally managed, daily NAV REIT, announced it formed a joint venture with Nordblom Company to invest in The Tremont and The Huntington apartment communities in Burlington, Massachusetts, 15 miles northwest of downtown Boston. Nordblom Company, a preeminent New England-based developer of Northwest Park, recently developed these two Class A apartments.  Combined, the two communities total 297 units and are located in Northwest Park’s amenity-rich mixed-use development courting Boston’s highly educated millennial workforce. 

The Tremont and The Huntington apartment communities align well with JLL Income Property Trust’s apartment strategy, targeting suburban markets with highly rated schools and strong market fundamentals and demographics. Burlington is a 30 minute drive from downtown Boston, and is just off of I-95 and Route 3 providing simple access to “America’s Technology Highway” – the Route 128 corridor that hosts the largest concentration of tech jobs outside of Silicon Valley. The area boasts median household incomes within a 1-mile radius of over $110,000 and median home values within the zip code of over $530,000, making renting an attractive choice. The local high school is equally impressive, receiving an “A” grade from Niche.com and earning LaSalle Research’s Silver classification.

“Burlington has seen no new apartment construction in ten years, putting these two luxury communities in a class by themselves.” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This investment in one of Boston’sthriving live/work/play neighborhoods brings our aggregate apartment allocation to just over $730 million, with over 2,800 apartment units, representing nearly 30% of our $2.6 billion, 71-property portfolio.” Swaringen added, “We are also thrilled to partner with Nordblom Company, a highly-regarded developer, investor and operator with decades of experience in the Boston market. Our investment philosophies are well-aligned as long-term investors committed to making exciting and vibrant mixed use communities.”

At the hub of Northwest Park, these apartments are within walking distance of a Wegmans grocery store, over 20 restaurants, and a variety of other retailers, and are directly adjacent to the Burlington Mall, the second largest retail center in Massachusetts featuring more than 185 specialty shops.

The Tremont and the Huntington are highly amenitized, luxury apartments designed to attract a renter by choice demographic, and feature hardwood flooring with carpet in bedrooms, quartz countertops with under-mount sinks in both kitchens and bathrooms, stainless steel appliances, soft close drawers, in-unit washer & dryer and nine foot ceilings.  Community amenities include a tech lounge, community kitchen, pool tables, swimming pool, fitness center, yoga room, grilling patio, designated pet areas and covered parking.

Powered by WPeMatico

ATLANTA, GA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced its acquisition of Ivy Commons Apartments, a 344-unit, garden-style multifamily community located in the Atlanta suburb of Marietta, Georgia. 

“Ivy Commons is well located in Cobb County, offering its residents direct access to some of the largest employment and economic drivers in the area,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property’s strong location within the Atlanta MSA, demographically tailored unit mix and proximity to entertainment and retail destinations positions it as a valuable addition to our national portfolio of assets under management.”

Located at 3555 Austell Road SW, Ivy Commons is comprised of 39 residential buildings and a dual leasing center with clubhouse. The community’s one-, two- and three-bedroom units range in size from 720 square feet to 1,340 square feet. Originally constructed in 1987 on 28.35 acres of land, Ivy Commons has undergone recent upgrades to 236 units. Community amenities include a swimming pool with sundeck, fitness center, business center, two tennis courts, laundry facility, controlled access, playground and a conference room. 

Cobb County, the fourth largest county in Georgia, is home to major employers, including Lockheed Martin, Comcast, HD Supply, Aaron’s Inc., Synovus Financial Corporation, and The Home Depot. WellStar Health System, the largest health system in Georgia, operates five health centers in Cobb County. The county is home to the headquarters of five Fortune 500 companies and has the lowest real estate tax rate in the metro Atlanta area.   In addition, the property is less than 10 miles from the new 41,000-seat SunTrust Park, home of the Atlanta Braves and The Battery Atlanta, which features 1.5 million square feet of plotted mixed-use entertainment retail, office, hotel and residential density, including the new regional corporate headquarters for Comcast.

“Ivy Commons benefits from increased local demand for multifamily from employment growth, infrastructure investments in the area, low real estate tax rate and the many job centers nearby. Additionally, there is the potential to add value through continued improvements to the unrenovated units,” according to Whitson A. Huffman, vice president of acquisitions at Capital Square.

Powered by WPeMatico

CHARLOTTE, NC – Starwood Capital Group, a leading global private investment firm, announced today that it has bought through affiliated funds an 11-asset multifamily portfolio in the quick-growing Charlotte, N.C. and Raleigh, N.C. metropolitan regions. Terms of the transaction were not told. 

The bought portfolio consists of nearly 3,000 high quality and well maintained garden style residential units located throughout the attractive Charlotte and Raleigh metropolitan areas. Properties in the portfolio have an average vintage of 1988, strong occupancy rates and offer affordable options for renters. Charlotte and Raleigh have seen strong household income and employment growth over the past several years, which are projected to continue to be well above the U.S. average. Assets in the portfolio further benefit from close proximity to highly ranked schools, attractive local amenities and major job centers. 

“We are pleased to add these quality apartment communities in top-tier locations within these high-growth Sun Belt markets to our U.S. portfolio,” said Mark Keatley, Managing Director at Starwood Capital. “The Charlotte and Raleighmarkets continue to generate strong housing demand amid substantial growth in population and employment opportunities, and we believe these underlying demographic trends will continue over time. Starwood Capital has a diverse track record of success in these markets and the acquisition of this portfolio at rents significantly below new construction will allow us to deliver a compelling value proposition to our renters while generating attractive returns for our investors.”

Charlotte and Raleigh are ranked among the top 10 U.S. markets for expected population and employment growth over the next five years, according to Nielson, and CBRE ranks both markets in the top 10 for absorption over the next five years. Both markets are home to a number of Fortune 500 companies and offer below-average costs of living compared to the broader United States, considerably below other large U.S. metros.

Powered by WPeMatico