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JLL Income Property Trust this week announced the acquisition of Siena Suwanee Town Center, a 240-unit apartment community anchored by Bottles & Bones, at 400 Buford Highway NW. The purchase price was approximately $70 million.
“This addition to our growing apartment portfolio fits extremely well with our suburban strategy to invest in amenity-rich, newer communities located in highly-rated school districts with high barriers to entry for new competition,” Allan Swaringen, president and CEO of JLL Income Property Trust, said in a prepared statement. “This investment brings our aggregate apartment allocation to over $1 billion, with 3,842 apartment units across 16 communities representing 33 percent of our $3.3 billion, 82-property portfolio.”
Constructed in 2018, Sienna Suwanee Town Center features amenities including a salt-water pool and a 24-hour multipurpose fitness center. It’s unclear if the new owner plans on making any changes at the property, although unlikely given its nearly-new nature.
“Our unique UPREIT structure along with our diversified portfolio and daily valuation were attractive to the sellers who chose to contribute this property in exchange for interests in our fund rather than selling for cash,” Swaringen said. “This provided the owners of Sienna Suwannee a tax-efficient sale with the benefit of long-term estate planning while allowing our fund to make a strategic acquisition with no cash outlay.”