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News release

SEATTLE, WA

Jones Lang LaSalle Closes Sale and Financing of 516-Unit Multifamily Property in Seattle Submarket

Greystar purchases The Mill at Mill Creek


SEATTLE, Jan. 19, 2012 —  Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale and financing of The Mill at Mill Creek in the Seattle submarket of Mill Creek.  Greystar purchased the 516-unit multifamily property and financed the purchase with a $46.3 million loan, also secured by the Jones Lang LaSalle team.
Jones Lang LaSalle’s Managing Director David Young and Vice Presidents Seth Heikkila and Corey Marx led the team on the sale of this transaction, while Executive Managing Director Tom Fish, Managing Director Faron Thompson and Vice President Catherine Justice led the financing efforts.

“The Mill at Mill Creek generated intense interest from all types of investors across the country to capitalize on this prime region where rents are rising and vacancies diminishing,” said Young.  “Greystar ranks as the nation’s top apartment manager and the company will be able to immediately capitalize on this purchase due to the property’s strategic location between the east side’s high-tech industry, and Boeing’s Everett plant.”

Added Fish, “Greystar’s sponsorship for this transaction commanded a very competitive execution, and the lender provided great terms and excellent service in getting this transaction closed by year end.”

The Mill at Mill Creek is located at 1324 Mill Creek Boulevard in Mill Creek, Washington.  The property was built in 1985 and underwent $6 million in renovations in 2009.  It features 29 two- and three-story building and one clubhouse.  The property is just minutes from Seattle’s Technology Corridor and just a half an hour from Microsoft and 10 minutes from Boeing’s Everett plant.  It is also directly across the street from Mill Creek Town Center, an outdoor mall featuring more than 70 stores, restaurants and services.  The property is currently 97 percent occupied.

“Greystar is excited to acquire a value add property with access to Seattle’s transportation thoroughfares and close proximity to major employment centers,” said Kevin Kaberna, Managing Director of Investments for Greystar in the Western and Central United States.  “We are optimistic on the fundamentals of the Seattle market and will continue to seek out quality investment opportunities in the area.”

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

About Greystar
Greystar is a fully integrated multifamily real estate company with proven expertise in property management, investment and development services.  Headquartered in Charleston, South Carolina, Greystar is the leading apartment management company nationwide, managing more than 180,000 units in over 100 markets.  The company owns more than 18,000 apartment units and has invested approximately $3 billion in multifamily properties since its inception in 1993.  Greystar has 19 offices throughout the country and is backed by a team of professionals that is more than 5,000 strong and committed to redefining excellence across its entire full service platform.  www.greystar.com.