JLL Income Property Trust has formed a joint venture with Nordblom Co. to invest in The Tremont and The Huntington apartment communities in Burlington, Mass., 15 miles northwest of downtown Boston.
Nordblom Co. developed the properties. Combined, the two communities total 297 units and are located in Northwest Park’s amenity-rich mixed-use development courting Boston’s highly educated millennial workforce.
The acquisitions are part of JLL Income Property Trust’s apartment strategy, targeting suburban markets with highly rated schools and strong market fundamentals and demographics.
“Burlington has seen no new apartment construction in 10 years, putting these two luxury communities in a class by themselves.” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment in one of Boston’s thriving live/work/play neighborhoods brings our aggregate apartment allocation to just over $730 million, with over 2,800 apartment units, representing nearly 30 percent of our $2.6 billion, 71-property portfolio.”