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News release

ALEXANDRIA, VA

Jones Lang LaSalle Closes $40+ Million Sale of Heritage at Old Town in Suburban Washington, D.C.

AREA Property Partners purchased midrise and garden apartment community from Priderock


ALEXANDRIA, VA, Sept. 22, 2011 — Jones Lang LaSalle today announced the firm’s Mid-Atlantic Multifamily team has closed the sale of Heritage at Old Town in suburban Washington, D.C. on behalf of an affiliate of Florida-based Priderock Capital Partners.  AREA Property Partners purchased the 244-unit midrise and garden apartment community, located in Old Town Alexandria, for $40,850,000 million.

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Al Cissel and Scott Melnick, as well as Senior Vice President Christine Espenshade.

“Heritage at Old Town is well positioned in the market with a stellar location,  rising rents, and continued upside potential due to the strong demand and limited supply for close-in locations in Old Town Alexandria,” said Melnick.  “We continue to see strong interest in the D.C. region as investors from all over the world seek value and growth-oriented assets in this thriving market.”

Built in 1978, Heritage at Old Town has undergone $1.5 million in renovations over the past 18 months.  The six-building garden and one-building midrise complex is inside the Capital Beltway, directly off the US-1 exit and minutes from Ronald Reagan National Airport.

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 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 $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.