ATLANTA, GA – JLL Income Property Trust, an institutionally-managed daily newspaper NAV REIT, announced the acquisition of Siena Suwanee Town Center, a 240-unit luxury community in the affluent suburb of Suwanee, north Atlanta, Georgia. The purchase price was approximately $ 70 million.
Suburban Atlanta is a recommended "overweight" portfolio and is in the top quartile of the LaSalle Research & Strategy Group's proprietary tracking database. Investment in housing in the Atlanta area outperformed US housing within the NCREIF institutional index for 1, 3, 5, and 10 years. Sienna Suwanee city center is complemented by the 2017 acquisition of The Reserve on John & # 39; s Creek Walk by JLL Income Property Trust, a 210-unit Class A residential community in Johns Creek, less than 10 miles away. This northeast Atlanta submarket ranks positively due to its above-market population and employment growth, and ranks 12th among 150 US cities for projected employment growth over the next four years.
Built in 2018, Sienna Suwanee Town Center has luxurious finishes and offers residents a sturdy communal package with a saltwater resort pool and a 24-hour multipurpose fitness center. The community also has desirable living / working / playing features and is within walking distance of numerous retail stores and restaurants, as well as local community parks.
"This addition to our growing housing portfolio fits in well with our suburban strategy of investing in convenience-rich newer communities in highly rated school districts with high barriers to entry to new competition," said Allan Swaringen, President of JLL Income Property Trust and CEO. "This investment brings our total housing allocation to over $ 1 billion. 3,842 units in 16 parishes represent 33 percent of our 82-property portfolio of $ 3.3 billion. Our unique UPREIT structure, as well as our diversified portfolio and daily valuation were attractive to sellers This has enabled Sienna Suwannee owners to have a tax efficient sale with the benefit of long-term estate planning while our fund has made a strategic acquisition with # 1 cash outlay. "
Source: JLL Income Property Trust