NAV REIT JLL Income Property Trust has acquired Pinecone Apartments, a 13-building, 195-unit apartment community in the Denver suburb of Fort Collins. The property has historically strong occupancy, with a current availability rate of only 3%.
The Denver apartment market has grown significantly over the last several years, and Fort Collins specifically is ranked third on La Salle Research & Strategy's small apartment market analysis. The submarket benefits from a limited new construction pipeline, a low long-term vacancy rate of 4.3% and annualized apartment rent growth of 4% over the last 15 years.
The submarket also features a strong labor pool, thanks to nearby Colorado State University, and an A-rated school district. Together, these factors make the submarket not only an attractive place for renters, but support strong investment fundamentals. According to Allan Swaringen, JLL Income Property Trust President and CEO, these characteristics also align well with the REIT's investment strategy.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
