JLL Income Property Trust announced the acquisition of Creekview Crossing, a 183-unit apartment community located in the suburban Portland market of Sherwood, Oregon. The purchase price was approximately $61 million and includes the assumption of an in-place $26 million mortgage loan, which has a below-market interest rate.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano. JLL worked on behalf of the seller and procured the buyer, a fund managed by LaSalle Investment Management. Built in 2009, Creekview Crossing offers spacious one-, two- and three-bedroom floorplans.
“Supported by strong fundamentals and demographic tailwinds, the residential sector is one of our highest conviction property sectors, producing inflation-hedging rental growth that we believe will be a stable and growing source of income for our stockholders,” said Allan Swaringen, President and CEO of JLL Income Property Trust.
