JLL Income Property Trust has paid $154 million for Jefferson Lake Howell, a newly constructed, class A apartment community in the northern Orlando suburb of Casselberry, Fla.
“This addition to our growing residential portfolio, an overweight portfolio allocation for us, aligns with our strategy to invest in well-located communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust president and CEO. “The community’s proximity to high paying employment centers and top-rated schools, limited supply of competitive properties along with minimal developable land in the area for new apartments, along with the region’s consistently low vacancy rates made this an attractive investment that we believe will drive long-term, stable cash flow for our portfolio.”
The lakefront, 384-unit garden-style apartment community is located less than 10 miles north of downtown Orlando. Jefferson Lake Howell
