Press Release
JLL Income Property Trust Declares 55th Consecutive Quarterly Dividend
August 13, 2025
Glendale, AZ
Acquired July 2025
Naperville, IL
Acquired April 2025
Richmond, Virginia
Acquired March 2025
Maple Grove, MN
Acquired November 2024
August 7, 2025
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $7.2 billion in total assets, announced today it has expanded its existing relationship with Amherst, a vertically integrated real estate investment, development and operating platform, to acquire up to $500 million in single-family rental homes in a phased venture over the next two years. JLL Income Property Trust will have a 95% ownership in the venture, and Amherst will have a 5% stake. JLL Income Property Trust previously acquired a 47% interest in a 4,000-home portfolio in which Amherst is also a partner and the operator.
The initial closing of this expanded program includes approximately 360 recently acquired and fully renovated single-family rental homes diversified across 10 states and 16 geographically distinct markets, valued at approximately $120 million. These locations align well to LaSalle Research & Strategy’s top ranked single-family rental markets and share attractive investment characteristics such as strong population and job growth, favorable demographic trends along with limited new supply of single-family homes.
“Single-family rental homes are one of our highest conviction property sectors given numerous tailwinds that should provide resilient demand and the potential for attractive rent growth within this carefully selected portfolio,” said Allan Swaringen, President & CEO of JLL Income Property Trust. “Home mortgage rates are at 20-year highs, making homeownership less affordable while at the same time remote or hybrid work is becoming a staple in the workplace. Post-pandemic, a growing age cohort of Millennials are seeking more spacious living arrangements than they can find in cities or in the traditional suburban apartment communities and single-family home rentals provide an attractive alternative living situation. There remains a deep shortage in new home construction compared to demand due to elevated construction costs, higher interest rates and lingering supply chain disruptions. Providing high-quality, affordable single-family homes for rent in areas with good schools and safe neighborhoods, where families might not otherwise be able to buy, is a strong value proposition for tenants, these communities, and our investors.”
Swaringen added, “This transaction continues to grow JLL Income Property Trust’s allocation to residential properties, a top performing sector, and one of the more inflation resistant. Well-leased, stabilized and geographically diversified investments such as single-family rentals ideally provide a unique combination of defensive characteristics, especially amid current market volatility and economic uncertainty, while also delivering future growth potential. We are thrilled to expand our relationship with Amherst, a firm widely regarded as a best-in-class operator of single-family rental properties.”
“We are excited to be expanding our successful partnership with JLL Income Property Trust,” said Chris Avallone, Head of Capital Management at Amherst. “With increasing barriers to homeownership and U.S. housing supply at historic lows, we are as committed as ever to revitalizing America’s aging housing stock and providing growing families the choice of a high-quality home in communities of opportunity. This strategic partnership further enables us to deepen this commitment to the residents and investors we serve,” added Avallone.
The transaction is initially being completed unlevered, with a target of deploying capital in tranches up to a total of $500 million across multiple geographies. JLL Income Property Trust’s residential allocation now totals approximately $3 billion and encompasses nearly 10,600 units. More broadly, over 80% of the portfolio is invested in the residential, industrial and healthcare sectors, which have historically been seen to combat inflation and to be defensive and resilient in the face of broader economic uncertainties.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors 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.
You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust (JLLIPT). Some of these risks include but are not limited to the following:
This literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.
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