JLL Income Property Trust, Amherst to acquire $500m single-family rental homes

JLL Income Property Trust has expanded its existing relationship with The Amherst Group, a vertically integrated real estate investment, development and operating platform, to acquire up to $500 million in single-family rental homes in a phased venture over the next two years across multiple geographies.

JLL Income Property Trust will have a 95 percent ownership in the venture, and Amherst will have a 5 percent stake.

The initial closing of this expanded program includes approximately 360 recently acquired and fully renovated single-family rental homes diversified across 10 states and 16 geographically distinct markets, valued at approximately $120 million. These locations align well to LaSalle Research & Strategy’s top ranked single-family rental markets and share attractive investment characteristics such as strong population and job growth, favorable demographic trends along with limited new supply of single-family homes.

“Single-family rental homes a