June 13, 2018
JLL Income Property Trust acquired Villas at Legacy, a 328-unit apartment community in Plano, a suburb of Dallas. The deal increases the REIT’s apartment portfolio to more than 2,5000 units and an allocation of nearly $650 million, according to Allan Swaringen, president & CEO of JLL Income Property Trust.
Designed as a luxury garden-style community, Villas at Legacy is located within the Legacy Business Park, a 2,665-acre master-planned community with office, retail, and residential uses. Nearly 100,000 people work in the business park.
“The acquisition of Villas at Legacy further supports our investment strategy targeting well-positioned suburban markets with highly-rated schools and strong market fundamentals and demographics,” Swaringen says, adding that multifamily accounts for just over a quarter of the REIT’s $2.6 billion, 69-property portfolio.
Villas at Legacy boasts high-end common area amenities, including a business center, picnic area with grills, courtyards, swimming pool, fitness center and coffee bar.
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