J
.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has acquired two residential assets: The Preserve at Pine Valley in Wilmington, NC and Bass Lofts in Atlanta, GA. These acquisitions demonstrate JPMREIT's commitment to expanding its portfolio of high-quality, attainable housing assets in high-growth markets.

    The Preserve at Pine Valley is a 219-unit Class-B housing community acquired through a 90/10 joint venture partnership with Ginkgo Residential. The property offers residents convenient access to Downtown Wilmington and the Novant Regional Medical Center, positioning it to benefit from Wilmington's robust economic growth. The total purchase price was $32.1 million.

    Bass Lofts is a 133-unit adaptive reuse Class-A multifamily property located in Atlanta's Little Five Points neighborhood. Originally constructed as a school in 1923, Bass Lofts offers a prime location with easy access to Downtown Atlanta and major highways. Currently 96% leased, the property reflects strong demand for quality housing in the area. The total purchase price was $34.8 million.

    JPMREIT's residential sector investments are driven by the resilience of and strong demand for housing. Wilmington and Atlanta are examples of markets where new supply has peaked, and rents are now firming. These acquisitions will benefit from a recovery in rental rates across their submarkets.

    "These acquisitions underscore our confidence in the residential sector and our belief in the continued growth and resilience of the housing market," said Chad Tredway, CEO and Chairperson of JPMREIT. "As we navigate an environment where homeownership remains significantly more costly than renting, we see a sustained demand for rental properties."

    Doug Schwartz, Co-President of JPMREIT, added, "The Sunbelt region is experiencing declining supply amidst continued population and wage growth, making it a focal point for our investment strategy. At JPMREIT, we are committed to leveraging these trends by tactically investing in assets where we can create value and in locations where economic and population growth are creating opportunities."

    These acquisitions mark JPMREIT's 5th and 6th investments in the residential sector, expanding its total portfolio to 12 investments.