JLL Income Property Trust acquires 280-unit apartment community in Seattle
JLL Income Property Trust has acquired Stonemeadow Farms, a 280-unit premier apartment community in the desirable Seattle suburb of Bothell, Washington. The purchase price was $81.8 million.
The price to rent an apartment in Bothell, compared to this market's average household income is very low. We believe Bothell's high median household incomes coupled with Stonemeadow Farm's per-unit price of $290,000 makes this a strong investment – particularly in a market where single-family homes are averaging more than $600,000," said Allan Swaringen, president and CEO of JLL Income Property Trust. "We expect investments of this type to perform better in a late-cycle environment – which is one of the drivers of our suburban apartment strategy focused on properties in locations with barriers to entry and highly-rated school districts. These types of investments generally deliver stable cash flow