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News release

Richmond, CA.

Jones Lang LaSalle Facilitates $140+ Million Multifamily Acquisition in San Francisco Bay Area

Kennedy Wilson buys Bella Vista at Hilltop from GMH Capital Partners


RICHMOND, CA, June 1, 2011 — Jones Lang LaSalle today announced it has facilitated the acquisition of an apartment community known as Bella Vista at Hilltop in Richmond, California.  International real estate investment and services company Kennedy Wilson purchased the property from GMH Capital Partners for $140.5 million.  This sale marks the largest multifamily sale on record in Contra Costa County .

Jordan Moss, leader of Jones Lang LaSalle’s Bay Area multifamily practice, exclusively represented Kennedy Wilson in this transaction.

“The acquisition of Bella Vista provides Kennedy Wilson an opportunity to add more than one thousand units to their growing Bay Area apartment portfolio in one fell swoop,” said Moss.  “Bella Vista was purchased at an attractive basis and at a substantial discount to replacement costs.”

Bella Vista at Hilltop is a 1,008-unit, 893,856-square-foot multifamily community located at 3400 Richmond Parkway in Richmond, California in Contra Costa County.  The property consists of 42 three-story apartment buildings, a clubhouse/leasing center, four outdoor swimming pools, one indoor swimming pool, four whirlpools, one sauna, four lighted tennis courts, a professional business center, a fully-renovated and fully-equipped fitness center, playgrounds, meeting rooms and access gates.  The property was built in 1988. 

During the past two years, Jones Lang LaSalle has worked aggressively to bolster the firm’s multifamily practice, investing in nearly 60 new hires in this sector alone.  Earlier this year, the firm announced the acquisition of Primary Capital Advisors’ Commercial Real Estate Lending and Servicing Group which will allow the firm to operate as a Freddie Mac Program Plus® Seller/Servicer and will include a $2 billion loan servicing platform that Jones Lang LaSalle plans to expand nationally through additional correspondent and servicing relationships.  These steps will ensure the firm is offering the best and the brightest in both talent and offerings to clients, both on the West Coast and across the country.

About Jones Lang LaSalle Capital Markets

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 its clients — whether a sale, financing, repositioning, advisory or recapitalization execution.  In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion of transactions globally.  The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide. 

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com
 
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 750 locations worldwide, including 180 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.