JLL Income Property Trust has purchased Miramont Apartments in the Denver suburb of Fort Collins, Colo. The 15-building, 210-unit, garden-style apartment community was acquired for approximately $58 million, bringing the portfolio’s total residential allocation to more than $2 billion, or 43 percent of total assets.
“The addition of Miramont Apartments increases our residential allocation, an overweight target for us, and aligns with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust president and CEO. “Given its proximity to key economic drivers such as Colorado State University, and local technology and manufacturing companies, along with a limited construction pipeline and low vacancy, we believe this investment will continue to see strong tenant demand and stable occupancy, making this an attractive, long-term investment for our d
