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News release

Los Angeles, CA.

Jones Lang LaSalle Closes $80 Million Sale of Southern California Residential Tower

The Vue in San Pedro marks first major multifamily sale in Los Angeles market in 2011


LOS ANGELES, May 20, 2011 – Jones Lang LaSalle today announced the firm has finalized the first major sale of a multifamily residential offering in the Los Angeles market this year with the closing of The Vue in San Pedro for a foreign bank.  San Francisco-based Carmel Partners purchased the 16-story, 318-unit residential tower for $80.1 million.  Built in 2008, the property was phased into an apartment community in 2009.  Individuals own 24 of the property’s units, and the remaining 294 are rental units.
 
Leading the Jones Lang LaSalle team on this transaction were Vice President Javier Rivera, and Managing Directors David Young, Jeff Morris and Denny St. Romain.

“Built just three years ago, The Vue in San Pedro is an extremely high-quality property in an affluent trade area with a growing population base and the sale is one of the top apartment sales in the Los Angeles market for 2011,” said Rivera.  “Carmel Partners’ purchase will enable them to capitalize on exposure in one of Los Angeles’ most vibrant communities.” 

The Vue in San Pedro is located on a 2.5-acre parcel of land, with waterfront views on three sides of the property.  Just blocks from San Pedro’s Grand Promenade, the property is located between Long Beach and the South Bay, with access to Interstates 110 and 710.  The Vue offers modern fitness, entertainment and business resident centers, and a resort quality pool with spa, sundeck and cabanas.  A professional third-party management company administers the Homeowner Association’s management of common areas maintenance and upkeep.

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, www.joneslanglasalle.com.