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JLL Income Property pays $65.5M for Minn. apartment complex

Jones LangLaSalle Income Property Trust Inc. acquired apartmentcomplex in downtown Saint Paul, Minn., marking its third investment in the multifamily property space in 2016.

The company said it paid roughly $65.5 million for the classA, transit-oriented property, which comprises 254 units and commercial space onthe ground floor that is leased in the long term to a "premier localgrocer."