JLL Income Property Trust Acquires 273-unit Apartment Community in Suburban Phoenix
July 31, 2019 | JLL Income Property Trust, Inc.
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) today announced the acquisition of Summit at San Marcos, a newly-developed 273-unit award-winning urban garden-style Class A apartment community in the prominent Phoenix suburb of Chandler, Arizona. The purchase price was $72 million.
“The city of Chandler, and more broadly Phoenix’s strong market fundamentals,
favorable business environment and attractive demographics coupled with Summit at San Marcos’s location in an outstanding school district make this acquisition an excellent fit with JLL Income Property Trust’s suburban apartment strategy,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to nearly $900 million, with 3,400 total units representing 32 percent of the
value of the JLL Income Property Trust portfolio.”
Chandler is within the area of Phoenix dubbed “The Silicon Desert” which has seen an influx of technology and financial companies benefitting from a lower cost of doing business, a more affordable higher quality of life and a strong and growing talent pool. The city hosts an Intel corporate campus, multiple semiconductor and electronic component manufacturing firms while the broader Phoenix market continues to expand with over 300,000 jobs in a 10-mile radius.
