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JLL Really, Really Wants to Be a Single-Family Megalandlord

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Alan Swaringen of JLL Income (Getty, JLL)

JLL’s appetite for single-family homes is growing, and the company has signed yet another deal with Amherst Group in the real estate sector.

JLL Income Property Trust announced a joint venture this week. SEC filing The program aims to acquire up to $500 million in single-family rental housing over the next two years.

JLL’s REIT will own a 95% stake in the venture, with the remaining 5% stake remaining in Amherst. This joint venture extends the previous agreement he signed between JLL and Amherst a year ago.

In a statement, Alan Swaringen, CEO of JLL Income Property Trust, cited REITs’ belief in the future of single-family rentals, saying that high mortgage rates discourage homeownership and that millennials want more flexibility from hybrid work environments. pointed out that there is growing interest in

The joint venture is one-fourth of the way to its goal and recently acquired 360 renovated single-family homes in 10 states. These acquisitions are valued at approximately $120 million.

A little over a year ago, JLL Income Property Trust acquired a 47% stake in a $1.2 billion portfolio assembled and managed by Amherst.Company investment is approximately $560 millionA 96% lease portfolio included more than 4,000 rental homes, including Atlanta, Phoenix and Dallas.

In March 2021, JLL made another big bet in the single-family rental sector. purchase of minority shares At Roofstock, a rental housing investment platform. The deal diverged from the usual investments, including multi-family housing, office buildings, industrial real estate and grocery-focused retailers.

JLL isn’t the only major player in the single-family rental market. JPMorgan Chase this week announced plans to partner with Haven Realty Capital to make acquisitions and acquisitions. develop a billion dollars Value of Communities for Rent Nationwide. Partner said he plans to invest $415 million in the venture.

Single-family rentals surged at the start of the pandemic, fueled by sustained demand and a short supply of homes for sale. Rental housing has become the fastest growing housing sector in the country and is seeing renewed demand as mortgage rates and home prices push buyers aside.

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