JP Morgan Real Estate Income Trust Inc. (JPMREIT) announced the acquisition of two Southeastern residential assets.
The Preserve at Pine Valley, North Carolina, is a 219-unit, Class-B housing community, was acquired for $32.1 million in a 90/10 joint venture partnership with Ginkgo Residential, a Charlotte-based owner and operator focused on workforce housing. The property is situated in central Wilmington and offers residents convenient access to Downtown Wilmington, Wrightsville Beach, and the Novant Regional Medical Center.
Bass Lofts is a 133-unit, adaptive reuse, Class-A multifamily property in Atlanta’s Little Five Points neighborhood. Originally constructed in 1923 as a school, Bass Lofts is currently 96% leased and was acquired for $34.8 million, exclusive of closing costs.
The transactions mark JPMREIT’s fifth and sixth investments in the residential sector, expanding its total portfolio to 12 investments.
“These acquisitions underscore our confidence in the residential sector and our belief in the continued growth and resilience of the housing market,” said Chad Tredway, CEO and chairman of JPMREIT. “As we navigate an environment where homeownership remains significantly more costly than renting, we see a sustained demand for rental properties.”
Photo: The Preserve at Pine Valley, courtesy of The Multifamily Advisory Group at Cushman & Wakefield
