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News release

Houston, TX.

Jones Lang LaSalle Brings Legends at Cinco Ranch in Houston to Market

Firm also seeking construction financing for Phase II of brand new, Class A apartment community


HOUSTON, June 27, 2011 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has been hired to market Legends at Cinco Ranch in Houston for sale for Sterling Investco, a Dallas-based multifamily developer.  The brand new, Class A, 260-unit community in Houston’s Energy Corridor is currently being leased and is expected to fetch in excess of $40 million. The firm has also been hired to secure eight million dollars in construction financing for the project’s second phase. Phase one has just been completed.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Greg Austin and Chip Nash, and Vice Presidents Wade Schmitz and Sean Clancy.  Executive Vice President James Tramuto is handling the financing.

“Investors have been starved for brand new, high-end multifamily product,” said Austin.  “With the continued population and commercial real estate development explosion in the West Houston, Katy and Cinco Ranch area, this is the right time for Sterling Investco to bring Legends at Cinco Ranch to market.”

Legends at Cinco Ranch is a 285,000-square-foot community located in the master-planned, mixed-use development known as Cinco Ranch.  Phase I is currently in the lease-up stage, while Phase II will break ground this summer.  All of the units, one and two-bedrooms, offer direct-unit access to garages and private entrances. The property has excellent access to Interstate 10, the Grand Parkway and the Westpark Tollway and is located within one of Houston’s most desirable school systems. 

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 transactions globally. The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 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 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.