Siena Suwanee Town Center

JLL Income Property Trust announced it recently acquired Siena Suwanee Town Center on Buford Highway for $70 million.

The Siena Suwanee Town Center apartment community in downtown Suwanee has a new owner.

JLL Income Property Trust recently announced that it bought the 240-unit luxury apartment complex, which opened on Buford Highway in 2018, for about $70 million.

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

The purchase is the latest acquisition in the Atlanta suburbs by JLL Income Property Trust. It previously acquired The Reserve at John’s Creek Walk in 2017.

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JLL officials said the suburban Atlanta market is ranked in LaSalle’s Research & Strategy Group’s proprietary market tracking database’s top quartile and is considered a recommended portfolio “overweight.” That is because investments in apartments in the metro Atlanta area have performed better than overall U.S. apartments in the NCREIF institutional index for years.

In addition to its apartments, Siena Suwanee Town Center has a 24-hour multipurpose fitness center, a salt-water resort style pool, live-work-play features and access to restaurants and retail stores in and adjacent to the Suwanee Town Center.

“This investment brings our aggregate apartment allocation to over $1 billion, with 3,842 apartment units across 16 communities representing 33 percent of our $3.3 billion, 82-property portfolio,” Swaringen said. “Our unique UPREIT structure along with our diversified portfolio and daily valuation were attractive to the sellers who chose to contribute this property in exchange for interests in our fund rather than selling for cash.

“This provided the owners of Sienna Suwannee a tax efficient sale with the benefit of long-term estate planning while allowing our fund to make a strategic acquisition with no cash outlay.”

I'm a Crawford Long baby who grew up in Marietta and eventually wandered to the University of Southern Mississippi for college. Earned a BA in journalism (double minor in political science and history). Previously worked in Florida and Clayton County.

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