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News release

Washington, D.C.

Jones Lang LaSalle Markets General Partnership Interest in East Coast Affordable Multifamily Portfolio

Stabilized 14-property portfolio of family and seniors housing expected to fetch in excess of $25M

WASHINGTON, D.C., May 02, 2011 – Jones Lang LaSalle today announced the firm has been chosen to market the general partnership interests in the East Coast Affordable Housing Portfolio for Beneficial Communities.  The recently built, 14-property, 1,348-unit Low Income Housing Tax Credit (LIHTC) multifamily residential portfolio is located in four states along the East Coast and is expected to fetch in excess of $25 million.

Leading the Jones Lang LaSalle team on this transaction are Senior Vice President Christine Espenshade and Managing Directors Al Cissel and Scott Melnick.

“This stabilized, well-performing portfolio is early in its tax credit life and should appeal to a wide spectrum of investors who are seeking to control quality real estate in the high-demand multifamily sector,” said Espenshade.  “This transaction also represents an excellent opportunity for a new owner with management capabilities to expand their management footprint and create additional cash flow and value.”

The 14-property portfolio is located in Pennsylvania, Georgia, Alabama and Florida and consists of eight buildings designed for families and six buildings designed specifically for seniors.  The communities were all constructed and financed by Beneficial Communities using nine-percent tax credits.  All of the properties were built between 2006-2010 and are currently 96-percent occupied.

The properties include:

• Willows Senior Apartments in Lebanon, Pennsylvania
• Lakeview Apartments in Lyons, Georgia
• Tori Pines in Sandersville, Georgia
• Cottonwood Senior Apartments in Mobile, Alabama
• Banyan Senior Apartments in Port Richey, Florida
• Englewood Senior Apartments in Pensacola, Florida
• Laurel Oaks Seniors in Okeechobee, Florida
• Maple Crest in Fort Myers, Florida
• Oak Meadows in Cocoa, Florida
• Oaks at Stone Fountain in Tampa, Florida
• Palms at Lake Tulane (townhomes) in Avon Park, Florida
• Pebble Hill Estates (single family) in Marianna, Florida
• Pines at Warrington in Pensacola, Florida
• Royal Palms Senior Apartments in Titusville, Florida

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Jones Lang LaSalle’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $43 billion of assets under management. For further information, please visit our website,