PHOENIX, AZ – JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Summit at San Marcos, a newly-developed 273-unit award-winning urban garden-style Class A apartment community in the prominent Phoenix suburb of Chandler, Arizona. The buy price was $72 million.

“The city of Chandler, and more broadly Phoenix’s strong market fundamentals, favorable business environment and attractive demographics coupled with Summit at San Marcos’s location in an outstanding school district make this acquisition an brilliant fit with JLL Income Property Trust’s suburban apartment strategy,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to nearly $900 million, with 3,400 total units representing 32 percent of the value of the JLL Income Property Trust portfolio.”

Chandler is within the area of Phoenix dubbed “The Silicon Desert” which has seen an influx of technology and financial companies benefitting from a lower cost of doing business, a more affordable higher quality of life and a strong and growing talent pool. The city hosts an Intel corporate campus, multiple semiconductor and electronic component manufacturing firms while the broader Phoenix market continues to expand with over 300,000 jobs in a 10-mile radius.

Summit at San Marcos is located at the intersection of several of Arizona’s most prominent thoroughfares providing access to the Greater Phoenix area with centers of employment including the Price Corridor (Intel, Wells Fargo, BofA, Paypal), ASU Research Park (JPMorgan Chase, GoDaddy), and the West Chandler Corridor (Intel, Verizon, ADP). The property is also located in the highly desirable Chandler Unified School District which has attained LaSalle’s Silver Level ranking, and is rated #1 in the Phoenix area and #2 in all of Arizona by Niche.

Completed in 2018, Summit at San Marcos features premium interior finishes and luxury amenity packages with walkable access to the live-work-play experience of Downtown Chandler and direct proximity to the San Marcos Golf Course. The apartment community’s common area amenities include a swimming pool and spa, private cabanas, fire pits, barbecue grills and a putting green. The clubhouse features a demonstration kitchen, a fitness center and a tech café. 

JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

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TOLEDO, OH – Welltower announced that is has bought five purpose-built, private pay seniors housing properties recently developed and managed by Sunrise Senior Living. Welltower previously funded 34% of the development cost for the communities through its joint venture and ownership of Sunrise Senior Living. 

The five communities were opened in 2017 and 2018, and upon acquisition had an occupancy of 67%. The communities are located in dense infill locations within the Washington, D.C., San Francisco and San Diego metropolitan areas and are leasing up rapidly. Two communities are eight and nine tale mid-rise buildings in the affluent Washington D.C. submarkets of Chevy Chase and Bethesda. The remaining three communities represent the latest in Sunrise’s mansion prototype and are the product of multi-year entitlement periods. Welltower’s investment in the properties is $285 million. Sunrise will continue to manage the communities under an incentive-based management contract.

“Welltower’s buy of these five newly developed communities in prized locations further solidifies our standing as the largest owner of premier seniors housing properties in the United States,” said Welltower Chairman and CEO, Thomas J. DeRosa. “The acquisition of these assets further enhances our already high quality Sunrise portfolio and reinforces our commitment to this best-in-class operator.”

“These state-of-the-art senior living communities are the result of our more than 35 years of expertise in identifying and developing on the best sites for bringing our world-class brand and top quality care to more seniors,” said Sunrise CEO Chris Winkle. “We are pleased to have the opportunity to collaborate further with Welltower on these five outstanding communities, expanding our relationship that now spans over 180 communities in the United States, United Kingdom, and Canada.”

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SALEM, MA – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it has bought Vinnin Square Apartment Homes, a 148-unit apartment community in Salem, Mass., on behalf of its Fund VI investors. The community will be renamed Bell North Shore and be managed by Bell.

Located 14 miles from downtown Boston, Bell North Shore is ideally located in one of the country’s most desirable housing markets. The community combines a peaceful coastal atmosphere with convenient commuting options.

Bell North Shore is minutes from both Route 128 and the nearest commuter rail station in Swampscott, Mass., which provides a 30-minute train ride to Boston’s North Station. The community is also directly across the street from the Swampscott Mall, with anchor tenants including major grocery, pharmacy and home supply stores.

“The Greater Boston area features some of the world’s best universities and healthcare institutions,” said John Blaylock, Senior Vice President of Investments, Bell Partners. “This submarket continues to experience strong rental growth which should continue in the near term.” 

Bell North Shore features two five-tale buildings, 16 luxury townhomes and two separate buildings containing six units each. All of the apartment homes have nine-foot ceilings, open kitchens, walk-in closets, full size washers/dryers and central air conditioning. The community also includes parking below two of the buildings, as well as a resident clubhouse, outdoor swimming pool, fitness center, walking trails and lighted tennis courts.

Including Bell North Shore, Bell Partners operates seven communities in the Boston metro area.

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