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Vacant 79-unit residential property offers substantial upside potential for investors
WASHINGTON, D.C., July 25, 2011 — Jones Lang LaSalle today announced the firm’s Capital Markets experts have been hired to market for sale 1230 New Hampshire Avenue NW. The vacant 79-unit multifamily property is located in the West End neighborhood of Northwest Washington, D.C. Leading the Jones Lang LaSalle team on this assignment are Managing Directors Al Cissel and Scott Melnick.
“Because this property is currently vacant, it offers substantial upside potential and a number of potential residential uses, including multifamily, condominium, hotel and extended stay,” said Cissel.
“We expect to secure a significant amount of interest from investors looking to capitalize on this rare opportunity, as well as this property’s premier location in the city’s Central Business District.”
The 60,000-square-foot, nine-story property offers 31 studio and 48 one-bedroom apartments. It was built in 1929 and renovated as recently as 1986. The property is within close proximity to Georgetown and Dupont Circle and offers transportation access to Metrorail stations at Dupont Circle and Foggy Bottom.
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 LaSalleJones 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.
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