JLL Revenue Property Belief Acquires 192-Unit Princeton North Andover Luxurious House Neighborhood in Boston Suburb for $72.5 Million

JLL Income Property Trust Acquires 192-Unit Princeton North Andover Luxury Apartment Community in Boston Suburb for $72.5 Million

BOSTON, MA – JLL Income Property Trust, an institutionally managed daily NAV REIT with portfolio assets of more than $ 3.6 billion and 86 properties, announced the acquisition of Princeton North Andover, a 192-unit luxury residential community in the affluent North Boston suburb of North Andover, Massachusetts. The purchase price was USD 72.5 million.

"This addition to our growing housing portfolio fits in well with our strategy of investing in convenience-rich, newer communities with high barriers to entry to new competition," said Allan Swaringen, President and CEO of JLL Income Property Trust. "North Andover's strict limits on future multi-family development, higher prices for single-family homes and a well-trained workforce create an environment in which luxury apartments are still in demand and should be attractive long-term investments in our diversified portfolio."

Suburban Boston is listed as an "overweight" market and is one of the top five markets according to the LaSalle Research & Strategy Group's proprietary national market tracking database. The greater Boston area has a well-educated labor market considering the number of higher education institutions in and around the city. This workforce supports Boston's established and growing technology, biotech and pharmaceutical employment sectors and then drives demand for high-end housing. Princeton North Andover is located in the North Essex County submarket, which has an extremely low vacancy rate of 2.2 percent.

North Andover maintains one of the strongest demographic profiles of any surrounding city, with an average household income of more than $ 160,000, an average retail price of more than $ 700,000, and a public school system that is in the top 25 percent nationwide, according to JLL Income Property Trust's takeover of Princeton North Andover out of the market was valued at approximately $ 375,000 per share.

Built in 2019, Princeton North Andover has luxurious finishes and offers residents a sturdy communal package with a fitness center, pool, yoga studio, outdoor BBQ areas, and clubhouse. The property also offers rare suburban walkability with nearby live work-play amenities like retail, dining, and a S-Bahn train station just three kilometers away. Less than two miles from I-495 and a short drive from I-93, Princeton North Andover offers easy access to a variety of local things to do as well as downtown Boston.

JLL Income Property Trust's total housing allocation is now over $ 1.1 billion. 4,034 residential units in 17 communities make up 33 percent of the 86 real estate portfolio of $ 3.6 billion.


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