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News release

NASHVILLE, TN

Jones Lang LaSalle Closes Sale of Nashville Multifamily Property

Luxury, 560-unit apartment community in Franklin, TN sold to a real estate private equity fund


NASHVILLE, Oct. 3, 2011 — Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale the multifamily property known as Wyndchase Aspen Grove for Trade Street Capital.  A real estate fund advised by Crow Holdings Capital Partners, L.L.C. purchased the 560-unit, luxury garden-style apartment community, located in the Nashville submarket of Franklin, Tennessee.

Leading the Jones Lang LaSalle team on this transaction was Senior Vice President Vince Lefler, and Managing Directors Derrick Bloom, David Gutting and Denny St. Romain.

“Wyndchase Aspen Grove proved a compelling draw for investors as it offered a unique opportunity to acquire a high-quality asset in a prestigious community,” said Lefler. “Crow Holdings is eager to capitalize on the property’s close proximity to metro Nashville, as well as its newly renovated facilities.  All of which makes it poised to capture high rental rates as the economy recovers.” 

The property was built in 1998 and has recently undergone significant renovations, as well as an expansion of its fitness center. It offers one-, two- and three-bedroom units. Wyndchase Aspen Grove is in Franklin/Cool Springs, one of the most desired suburban locations in the Nashville area. It is located off of Interstate 65, with unparalleled access to Nashville’s largest employment centers, premium shopping, dining, and entertainment establishments.

The Jones Lang LaSalle Southeast Multifamily team has collectively closed nearly $775 million in transactions in the Nashville metropolitan region since 2005.  The team currently has five institutional quality listings in Tennessee, including:
  • Bristol Park at Governor’s Square, a Class A, 364-unit, community in Clarksville, Tennessee near the new Hemlock Semiconductor plant
  • The Lexington,  a recently renovated, 598-unit, property in Nashville, Tennessee
  • A 200+, value-add opportunity in Chattanooga, Tennessee, near the new Volkswagen plant and Amazon Distribution Center
  • A well located, 2001-built, Class A property with 408 units in Memphis, Tennessee
  • An equity raise for a 240-unit, Class A+, Mid-rise development in the West End submarket of Nashville, Tennessee
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our 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 Crow Holdings Capital Partners, L.L.C. (CHCP)
Beginning in 1998, Crow Family Holdings sponsored the first of five real estate private equity funds, and Crow Holdings Capital Partners, L.L.C. (CHCP) is now the investment adviser to the remaining active funds.  The five funds have had total equity commitments from partners of approximately $3.0 billion, $600 million of which was committed by Crow Family Holdings. 

The real estate private equity funds seek to acquire or develop a diversified portfolio of domestic real estate both independently and with operating partners which includes warehouses, retail centers, multi-family housing, office buildings, convenience and gas stores, hotels, and lot development.  The Funds’ strategies include both the acquisition of existing assets and investment in new development, redevelopment and assets under development.  Investors include endowments, foundations, pension funds, financial institutions, and high net worth individuals. 

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 more than $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.