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News release

ATLANTA, GA

Jones Lang LaSalle Closes Sale of AMLI at Barrett Walk in Atlanta Submarket

Pearlmark Real Estate Partners purchases 290-unit apartment complex from AMLI Residential, Northwestern Mutual


ATLANTA, Aug. 31, 2011 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of a 290-unit, garden-style apartment complex called AMLI at Barrett Walk in the Atlanta submarket of Kennesaw in Cobb County.  Pearlmark Real Estate Partners (formerly Transwestern Investment Company) purchased the Class A multifamily property from a partnership of AMLI Residential and Northwestern Mutual.

Jones Lang LaSalle’s multifamily experts led the project including Managing Directors David Gutting and Derrick Bloom Senior Vice President Vince Lefler and Vice President Porter Jones.

“Pearlmark identified what they believed was the definitive market leading property in the Kennesaw submarket, which also offered substantial organic rent growth,” said Gutting.  “This is a submarket in which apartment supply has been effectively shut down for the past six years and AMLI at Barrett Walk provided a very compelling investment opportunity.”  

AMLI at Barrett Walk is located in the “Town Center” area of Cobb County at the intersection of I-75 and Barrett Parkway, within the Barrett Lakes Planned Development.  The 11-property community offers six floorplans and amenities include a clubhouse, resort-style pool, fitness facility and board room.  The property is currently 95 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 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 70 countries from more than 1,000 locations worldwide, including 200 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.