J.P. Morgan Real Estate Income Trust (JPMREIT) announced the acquisition of two resi-dential assets: The Preserve at Pine Valley in Wilmington, N.C., and Bass Lofts in Atlanta.
The Preserve at Pine Valley, a 219-unit, class B housing community, was acquired in a 90/10 joint venture partnership with Ginkgo Residential, a Charlotte-based owner and operator focused on workforce housing. Situated in central Wilmington, the property offers residents convenient access to downtown Wilmington, Wrightsville Beach and the Novant Regional Medical Center. The prop-erty is positioned to benefit from Wilmington’s robust economic and demographic growth, which has resulted in a 70 percent cumulative increase in population since 2000. The total purchase price was $32.1 million, exclusive of closing costs.
Bass Lofts is a 133-unit, adaptive-reuse, class A multifamily property located in the intown neigh-borhood of Little Five Points in Atlanta. This asset offers a prime location with
