“This investment represents a continuation of our core apartment investment strategy to acquire properties in strong urban in-fill locations that appeal to millennial renters,” he adds.

This is the third multifamily property purchased by the trust this year, bringing its apartment allocation to $400 million in gross assets and 20% of its overall investment portfolio. The other two properties are Lane Parke Apartments, a 276-unit apartment complex in Mountain Brook, AL, and Dylan Point Loma, a 180-unit coastal apartment community in San Diego.

Developers have added more than 13,000 multifamily units to the Twin Cities region since 2013, according to a report published late last year by Minneapolis-based NAI Everest, and investors now consider the Twin Cities a top ten market, perhaps even one in the top five. The average price per unit in the Twin Cities hit $132,405 in 2015, a 29% increase from the previous year, according to NAI Everest.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

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.

“Limited new supply and a submarket apartment vacancy rate of 3.1% coupled with The Penfield's high quality design, walkable location, and access to employment and entertainment amenities make it an attractive addition to our portfolio,” says Allan Swaringen, the trust's president and chief executive officer.

“This investment represents a continuation of our core apartment investment strategy to acquire properties in strong urban in-fill locations that appeal to millennial renters,” he adds.

This is the third multifamily property purchased by the trust this year, bringing its apartment allocation to $400 million in gross assets and 20% of its overall investment portfolio. The other two properties are Lane Parke Apartments, a 276-unit apartment complex in Mountain Brook, AL, and Dylan Point Loma, a 180-unit coastal apartment community in San Diego.

Developers have added more than 13,000 multifamily units to the Twin Cities region since 2013, according to a report published late last year by Minneapolis-based NAI Everest, and investors now consider the Twin Cities a top ten market, perhaps even one in the top five. The average price per unit in the Twin Cities hit $132,405 in 2015, a 29% increase from the previous year, according to NAI Everest.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.