JLL-Sponsored Fund Buys Stake in $1.2 Billion Rental Portfolio

A real estate investment trust sponsored by Jones Lang LaSalle Inc. is taking a stake in a $1.2 billion portfolio of more than 4,000 rental homes, the latest sign of soaring interest in a hot corner of the U.S. real estate market.

The roughly $560 million investment will give JLL Income Property Trust a 47% interest in the properties, which are located in major markets including Atlanta, Dallas and Phoenix, according to a statement Wednesday. The portfolio was assembled and is managed by home-rental company Amherst Residential.

It’s the first investment in the single-family rental market for the REIT, which ...