JLL Income Property Trust Enters Portland Apartment Market With $75M Suburban Deal
JLL Income Property Trust acquired the 324-unit Jory Trail at the Grove apartment community in Wilsonville for about $75M. The property is not the REIT's first acquisition in greater Portland, but it is the first apartment.
The seller, a Salt Lake City company called Jory Trail at the Grove SPE LLC, bought the property in 2015 for $59M from CRP/Holland Brenchley Estates L.P.
"Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase growth and have high barriers to entry," JLL Income Property Trust President and CEO Allan Swaringen said.
The property is 95% occupied. Currently no multifamily developments are underway or planned in the affluent suburb. Major employers in the area include Xerox, Mentor Graphics, Rockwell Collins and Tyco.
