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Class A multifamily property offers stable asset with value add opportunities
HOUSTON, July 29, 2011 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has been chosen to market for sale The Villages of Louetta on behalf of a joint venture between Prudential Real Estate Investors, on behalf of one of its advisory clients, and the project developer. The Class A, 300-unit multifamily complex is located in the north Houston submarket of Spring.
Leading the Jones Lang LaSalle team on this transaction are Managing Directors Greg Austin and Chip Nash and Vice Presidents Sean Clancy and Wade Schmitz. Executive Managing Director Tom Fish will provide financing expertise.
“This property should garner a great deal of investors interest as it offers a core, stable, cash-flowing multifamily asset with a number of unique ‘value add’ opportunities,” said Austin. “This particular submarket is one of the strongest for overall occupancy in this market, and we expect that to continue in the years to come.”
The Villages at Louetta is a gated apartment community built in 2005 and situated on nearly 18 acres. This residential community is located less than five minutes west of Interstate 45 with excellent visibility from either Kuykendahl or Louetta Roads. The property also benefits from its close proximity to some of Houston’s top employers including Hewlett Packard, LoneStar College, Shell, United Continental Airlines, and ExxonMobil. The property is currently 94 percent leased.
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.joneslanglasalle.com.
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