Press Release

JLL Income Property Trust Acquires Luxury Apartments in Downtown Saint Paul

September 26, 2016 — Chicago

JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), today announced the acquisition of The Penfield, a 254-unit, award-winning, transit-oriented, apartment community that includes a ground-floor commercial space that is leased to a premier local grocer on a long-term basis. The Class-A property is located in the heart of downtown Saint Paul, Minnesota, the Midwest’s strongest apartment market. The purchase price was approximately $65.5 million.

Minneapolis-Saint Paul is home to 2.9 million residents and boasts one of the strongest job markets in the country with an unemployment rate of 2.9 percent, ranking first among the 50 largest metropolitan areas in the nation. The area is home to sixteen Fortune 500 companies (the most per capita in the U.S.) and ranks as the 4th most educated and 4th highest median income in the nation. In addition to the area’s strong job market, downtown Saint Paul has achieved a critical mass of amenities and a residential population that is rapidly accelerating the growth of each, making it a Millennial Magnet location in which over 30% of the population is between 20 and 34 years old. Recently constructed urban amenities include the new Green Line light rail, a new concert hall, and a minor league baseball park. Downtown Saint Paul now boasts a 95 out of 100 Walk Score® ( –’s proprietary ranking of a property’s desirability based on its proximate location to retail, restaurant, and employment amenities.

“The Penfield is one of the finest quality apartment complexes in the downtown Saint Paul area,” commented Allan Swaringen, President and CEO of JLL Income Property Trust. “Limited new supply and a submarket apartment vacancy rate of 3.1 percent 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.”

“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. This is our third investment in the multifamily property sector this year, bringing our apartment allocation to $400 million in gross assets and 20 percent of our overall investment portfolio,” Swaringen added.

JLL Income Property Trust is a daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

For more information on JLL Income Property Trust, please visit our website at

About JLL Income Property Trust, Inc., Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)

JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over US $89 billion of assets in private and public real estate property and debt investments as of Q4 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit, and LinkedIn.

Forward Looking Statements

This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.