US real estate trust JP Morgan Real Estate Income Trust (JPMREIT) has added $67m (€62m) worth of residential assets to its portfolio.
JPMREIT has expanded its attainable housing portfolio with the acquisition of the 219-unit Preserve at Pine Valley in Wilmington, North Carolina, and the 133-unit Bass Lofts in Atlanta, Georgia.
The Preserve at Pine Valley housing community was acquired in a 90:10 joint venture partnership with Ginkgo Residential for $32.1m, exclusive of closing costs.
The Bass Lofts multifamily property was acquired for $34.8m, exclusive of closing costs.
Chad Tredway, CEO and chairperson of JPMREIT, said: “These acquisitions underscore our confidence in the residential sector and our belief in the continued growth and resilience of the housing market. As we navigate an environment where homeownership remains significantly more costly than renting, we see a sustained demand for rental properties.”
Doug Schwartz, co-president of JPMREIT, said: “The Sunbelt region is experiencing declining supply amidst continued population and wage growth, making it a focal point for our investment strategy.
“At JPMREIT, we are committed to leveraging these trends by tactically investing in assets where we can create value and in locations where economic and population growth are creating opportunities.”
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