JPMREIT Expands Portfolio with $62.4M Loan, Sees NAV Rise

JPMREIT secured a $62.4 million loan for a multifamily property, increasing its portfolio and achieving a 3.5% rise in net asset value for July 2024.

September 02, 2024

J.P. Morgan Real Estate Income Trust Inc. (JPMREIT) has completed a $62.4 million mortgage loan to finance the purchase of Satori West Ashley, a 297-unit multifamily property in Charleston, S.C., marking the trust's second investment in real estate debt. This transaction increases JPMREIT's focus on income-generating real estate debt to about 18% of its portfolio.

Satori West Ashley, a Class A property completed in 2023, offers high-end amenities and is strategically located for easy access to key employment areas in Charleston. Doug Schwartz, co-president of JPMREIT, emphasized the trust's confidence in the multifamily market, especially in regions with projected population growth and limited new construction.

Additionally, JPMREIT reported a 3.5% rise in total net asset value (NAV) for July 2024, reaching $190.44 million, up from $183.95 million in June. The NAV per share for all classes of common stock also saw increases, with Class T shares leading with a 0.74% gain.

Since its launch in July 2022, JPMREIT has been offering up to $5 billion in common stock, leveraging J.P. Morgan Asset Management's deep expertise in real estate and global investment management.