BOSTON, MA – JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $3.6 billion in portfolio assets and 86 properties, announced the acquisition of Princeton North Andover, a 192-unit, luxury apartment community in the affluent north-Boston suburb of North Andover, Massachusetts. The buy price was $72.5 million.
“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,” noted Allan Swaringen, JLL Income Property Trust President and CEO. “North Andover’s strict limits on future multifamily development, higher single-family home prices and educated workforce make an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio.”
Suburban Boston is listed as an “overweight” market and ranked in the top five markets, according to LaSalle’s Research & Strategy Group’s proprietary national market tracking database. Greater Boston boasts a highly educated labor market given the number of higher education institutions located in and around the city. This workforce supports Boston’sestablished and growing technology, biotech, and pharmaceutical employment sectors and subsequently drives demand for high-end housing. Princeton North Andover is located in the North Essex County submarket, which boasts an extremely low vacancy rate of 2.2 percent.
North Andover upholds one of the strongest demographic profiles of all surrounding towns, with an average household income of more than $160,000, an average home sale price of more than $700,000, and a public school system that ranks in the top 25 percent state wide, according to Niche.com. JLL income Property Trust’s acquisition of Princeton North Andover on an off-market basis was at approximately $375,000 per unit.
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 small drive from I-93, Princeton North Andover offers convenient access to an abundance of suburban employment as well as Downtown Boston.
JLL Income Property Trust’s aggregate apartment allocation is now over $1.1 billion, with 4,034 apartment units across 17 communities representing 33 percent of the $3.6 billion, 86-property portfolio.

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WINTER GARDEN, FL – For young families and professionals, Horizon West offers an array of housing options to choose from—single-family homes, townhomes, and apartments. But, older adults in their golden years face a limited selection. To date, there is only one senior-living community in operation within the entire Horizon West area.
But that’s changing soon because there’s a new community coming to the neighborhood. In 2021, The Blake at Hamlin will open its doors, offering customized helped living and memory care for older retirees.
Leading the community is Executive Director Angie Layfield. While Layfield has worked with various organizations as an executive director and regional operations director, including 16+ years with a nationally recognized operator, she sees The Blake at Hamlin as a unique opportunity.
“After nearly 20 years in senior living, this is something I’ve never experienced before—serving within my own local community,” Layfield clarifies. “Even now, I can see The Blake at Hamlin forming relationships with our area’s schools, churches, and professional groups. As a resident of Horizon West, I’m excited.”
Helping The Blake at Hamlin become a part of the neighborhood is Joshua Bentley, Director of Sales and Marketing.
“Serving seniors has always been vital to me. And this role allows me to have conversations with them, listen to what they need, and be their guide,” Bentley states. “It’s a privilege to represent a place that has invested so much into the resident experience.”
At The Blake at Hamlin, seniors can make new friends, dine on freshly prepared food, stroll one of the two courtyards, and gain peace of mind knowing that on-demand help is always available. In addition, a well-designed building footprint offers residents an interior walking space that supports safety and security.
“Our community doesn’t simply provide brilliant care,” Layfield notes. “That same thoughtfulness is also observed in our interior and exterior aesthetics. The Blake at Hamlin looks like home and fits perfectly into its Hamlin Town Center location.”

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BOLINGBROOK, IL – Alliant Strategic Investments (ASI), an investment firm focused on socially responsible multifamily investments, has bought Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a suburb Southwest of Chicago. The buy, made in partnership with Nuveen Real Estate, one of the largest real estate investment managers in the world, closed at $93.5 million, with $60.825 million in acquisition financing provided by JLL Real Estate Capital.
ASI and Nuveen anticipate maintaining the affordability requirements of all the units during their ownership. The investment firms believe this property will continue to serve an vital role in its community providing quality and affordable housing for those who need it—a core tenet of their collective mandates.
The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units. ASI and Nuveen plot to improve the residential units and common areas, adding accessibility features, additional parking and providing services for the residents. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.
Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.
“We look forward to implementing new programming to provide positive social and economic impact to the residents, while ensuring long-term affordability for the broader community,” says Pamela West, Managing Director of Nuveen Real Estate.
“Alliant Strategic Investments appreciates our partnership with Nuveen on the buy of the Riverstone Apartments. This investment allows us to extend the life of an vital affordable housing asset,” says Russell Ginise of ASI. “We know that our investments are making a difference in the lives of our residents, and want to continue supporting communities like Bolingbrook across the United States. We look forward to working with the mayor and local officials as we seek to enhance the property and contribute to the vibrant community in Bolingbrook.”

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