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News release

LAKE OSWEGO, OR

Jones Lang LaSalle Facilitates $50+ Million Multifamily Acquisition in Pacific Northwest

Prometheus Real Estate Group buys One Jefferson Parkway from American Realty Advisors & Fowler Property Acquisitions joint-venture


LAKE OSWEGO, OR, June 2, 2011 — Jones Lang LaSalle today announced it has facilitated the sale of an apartment community known as One Jefferson Parkway in Lake Oswego, Oregon.  San Mateo, California-based Prometheus Real Estate Group purchased the property for $51.2 million from a joint-venture partnership of Glendale, California-based American Realty Advisors & San Francisco, California-based Fowler Property Acquisitions. 

Jones Lang LaSalle’s Northwest Multifamily Capital Markets Team, led by David Young and Jordan Moss, exclusively represented Prometheus in this transaction.  The sale marks the second major West Coast multifamily transaction for Jones Lang LaSalle this week, having exclusively represented Kennedy Wilson in their $140.5 million purchase of Bella Vista at Hilltop in Richmond, California.  That sale, the largest 2011 single-asset multifamily transaction in the Western United States, also set records as the largest multifamily transaction in Contra Costa County history and the largest multifamily transaction in Kennedy Wilson’s history. 

“The investment marketplace for multifamily assets is increasingly competitive today and the strategic acquisition of One Jefferson Parkway allows Prometheus to add another core multifamily asset to its growing Portland apartment portfolio,” said Young. 
 
“Lake Oswego is one of the premier multifamily submarkets of the Pacific Northwest,” added Moss. “We are proud to have represented Prometheus in the acquisition of a core multifamily asset in a prime Lake Oswego location that should continue to deliver solid returns.”

One Jefferson Parkway is a 342-unit, 359,553-square-foot multifamily community located in the Lake Oswego suburb of the greater Portland MSA.  The property consists of 57 two- and three-story apartment buildings, a clubhouse /leasing center, indoor swimming pool and spa, sauna, professional business center and a renovated/fully-equipped fitness center.  The property was built in 1988 and underwent substantial renovations during the selling partnership’s ownership.

During the past two years, Jones Lang LaSalle has bolstered the firm’s multifamily practice, investing in nearly 60 new hires in this sector alone.  The team has industry-leading experts in the key multifamily markets including Seattle, San Francisco, Los Angeles, Orlando, Miami, Dallas, Atlanta, New York, New Jersey and Washington, D.C..  Earlier this year, the firm announced the acquisition of Primary Capital Advisors’ Commercial Real Estate Lending and Servicing Group which will allow the firm to operate as a Freddie Mac Program Plus® Seller/Servicer and will include a $2 billion loan servicing platform that Jones Lang LaSalle plans to expand nationally through additional correspondent and servicing relationships.  These steps will ensure the firm is offering the best and the brightest in both talent and offerings to clients across the country.

About Jones Lang LaSalle Capital Markets
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 its clients — whether a sale, financing, repositioning, advisory or recapitalization execution.  In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion of transactions globally.  The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 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 750 locations worldwide, including 180 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.
About Prometheus Real Estate Group
Founded in 1965, Prometheus Real Estate Group is the largest private owner of multifamily properties in the San Francisco Bay Area.  With 700+ employees and offices in San Mateo, California and Portland, Oregon, Prometheus owns and/or manages more than 20,000 units throughout California and the Pacific Northwest.  The firm’s management arm was recently awarded “Best Property Management Firm” by Multifamily Executive Magazine.  For further information on Prometheus, please visit www.prometheusreg.com.