May 17, 2019 Comments Off on JLL Income Property Trust Snags Seattle-Area MF for $82M Views: 239 National News, Seattle & Pacific Northwest News, Seattle News, Washington, West

JLL Income Property Trust Snags Seattle-Area MF for $82M

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Chicago-based JLL Income Property Trust reportedly acquired Stonemeadow Farms, a 280-unit apartment community in the Seattle suburb of Bothell, WA, from AEW Capital Management for $81.8 million. Built in 1999, the property at 23028 27th Ave. SE is a highly-amenitized apartment community that was recently renovated.

Bothell is less than 20 miles from Redmond, Bellevue and Seattle, and provides convenient access to I-405, I-5 and Highway 522, as well as a host of high-tech, bio-tech, medical device, life sciences, telecom and utility companies.

JLL Income Property Trust’s Allan Swaringen says, “We expect investments of this type to perform better in a late-cycle environment – which is one of the drivers of our suburban apartment strategy focused on properties in locations with barriers to entry and highly-rated school districts. These types of investments generally deliver stable cash flow, lower volatility and more resilience than other market locations.”

Connect With JLL Income Property Trust’s Swaringen

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