CHICAGO, MINNEAPOLIS—JLL Income Property Trust has just acquired The Penfield, a 254-unit, transit-oriented, apartment complex in downtown St. Paul, for about $65.5 million. The trust is principally a longer term investor, so it's no surprise it would make a major purchase here, the Midwest's strongest apartment market.
“JLL Income Property Trust plans to invest in apartment properties that are located in or near employment centers with favorable potential for employment growth and conveniently situated with access to transportation and retail and service amenities,” a company spokesperson tells GlobeSt.com.
The Twin Cities region has 2.9 million residents and boasts one of the strongest job markets in the country with an unemployment rate of 2.9%, the lowest among the nation's 50 largest metro areas. In addition to the area's strong job market, downtown St. Paul has recently attracted thousands of new residents, of which more than 30% are between 20 and 34 years old.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
