JLL Income Property Trust Acquires Premier Suburban Atlanta Apartments

Staff Report From Metro Atlanta CEO

Wednesday, August 2nd, 2017

JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, announced the acquisition of The Reserve at Johns Creek Walk, a highly amenitized 210-unit apartment complex located in the affluent Atlanta suburb of Johns Creek, which has been ranked '3rd Best City to Live in the United States' by USA Today. The purchase price was approximately $47 million.

Atlanta is recognized as the economic engine of the Southeast with a population that is expected to grow by seven percent over the next five years. The Atlanta metro area ranks second out of 147 cities in LaSalle's Regional Economic Growth Index due to a robust job and population growth outlook creating an upside for apartment demand. New apartment supply in Atlanta's suburbs has averaged just one percent of existing stock since 2014, approximately half of the net absorption rate. This has led to growth in average annual apartment rents of over seven percent for the past three years.

The Johns Creek suburb of Atlanta features a wealthy, well-educated demographic, ranking as the 13th highest earning city in the country and one of the 10 richest in Georgia. Housing values ($421,000) and household incomes ($144,000) are nearly double Atlanta's average. The highly desirable school system has attained LaSalle's Gold Level ranking with a high school that is rated #2 in Georgia by Niche and #11 in Georgia by U.S. News (top two percent).

"The Reserve at Johns Creek furthers our apartment acquisition strategy of identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry," said Allan Swaringen, President and CEO of JLL Income Property Trust. "This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 total units and represents 27 percent of the value of the overall JLL Income Property Trust portfolio."

The apartment complex is strategically situated equidistant to Georgia 400 and I-85, at the center of of Atlanta's high-growth technology and information sectors. It is adjacent to a master-planned Technology Park with upwards of 10,000 new jobs, and is proximate to significant walkable retail spaces including six restaurants. The complex features craftsman-style architecture and a full complement of modern tenant driven amenities.

JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.