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News release

Baltimore, MD

Jones Lang LaSalle closes sale of $190.1 million Metro Baltimore multifamily portfolio

Harbor Group International purchases six-property portfolio from SRH/CMS Berkshire Limited Partnership


BALTIMORE, MD, July 25, 2011 — On behalf of SRH/CMS Berkshire Limited Partnership, Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale of a portfolio of multifamily properties in metropolitan Baltimore, Maryland.  Harbor Group International purchased the six-property, 1,984-unit portfolio for $190.1 million. 
Leading the Jones Lang LaSalle team on this assignment was Managing Directors Al Cissel and Scott Melnick and Senior Vice President Christine Espenshade.

“This portfolio, while all in the same submarket, offers a range of different product types for potential renters making it appealing on numerous levels,” said Cissel.  “There was a significant amount of interest in the portfolio due to its size, as we continue to see investors looking for large acquisitions that offer increasing cash flow and economies of scale.”

The properties included in the portfolio are:
  • Crosswinds at Rolling Road, 808 units at 7500 Hithergreen Drive in Baltimore
  • Diamond Ridge, 92 units at 2 Heatherton Court in Windsor Mill
  • The Glens at Rolling Road, 270 units at 2300 Noonham Road in Baltimore
  • Granite Run, 264 units at 7414 Brixworth Court in Windsor Mill
  • Rolling Wind, 280 units at 2420 Bibury Lane in Windsor Mill
  • Stratton Meadows, 270 units at 4 Heatherton Court in Baltimore

All of the properties are situated near the intersection of the Baltimore Beltway (I-695) and I-70. 

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. The firm’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.us.joneslanglasalle.com.