US real estate investment trust JLL Income Property Trust has acquired a luxury apartment community in suburban Boston for $72.5m (€60m).

JLL Income Property said it has bought Princeton North Andover, a 192-unit apartment community in the north-Boston suburb of North Andover, Massachusetts. Princeton North Andover was constructed in 2019.

Allan Swaringen, JLL Income Property Trust President and CEO, said: “This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition.

“North Andover’s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio.”

JLL Income Property said its aggregate apartment allocation is now over $1.1bn, with 4,034 apartment units across 17 communities representing 33% of the $3.6bn, 86-property portfolio.

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