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JLL Income Property Trust paid $81.8 million to acquire Stonemeadow Farms, a 280-unit premier apartment community in Bothell, Wash., a town less than 20 miles from Redmond, Bellevue and Seattle.

The acquisition increases the aggregate apartment allocation of the Chicago-based REIT to more than $820 million and nearly 3,100 units, representing 32 percent of the value of the overall portfolio.

“The price to rent an apartment in Bothell, compared to this market's average household income is very low," JLL Income Property Trust President and CEO Allan Swaringen said in a statement. "We believe Bothell's high median household incomes coupled with Stonemeadow Farm's per-unit price of $290,000 makes this a strong investment — particularly in a market where single-family homes are averaging more than $600,000.

“We expect investments of this type to perform better in a late-cycle environment — which is one of the drivers of our suburban apartment strategy focused on properties in locations with barriers to entry and highly rated school districts," Swaringen added. "These types of investments generally deliver stable cash flow, lower volatility and more resilience than other market locations.”

Bothell has ready access to I-405, I-5 and Highway 522 and features multiple commuting options to a diverse roster of high-tech, bio-tech, medical device, life sciences, telecom and utility companies including Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google, Microsoft, Starbucks, T-Mobile and the University of Washington, Bothell.