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Westdale Investment Partners purchases 292-unit multifamily property from The Connor Group
DURHAM, N.C., Feb. 29, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has arranged the sale of Lenox at Patterson Place located in Durham, North Carolina on behalf of The Connor Group. Westdale Investment Partners purchased the 292-unit, Class A multifamily property for $28.8 million.
Managing Directors Derrick Bloom and David Gutting and Vice President Porter Jones led the Jones Lang LaSalle team on this transaction.
“The Connor Group capitalized on the rising demand for apartments in Durham and sold Lenox at Patterson Place at a time when investors were seeking to enter this high-barrier to enter submarket,” said Bloom.
Added Gutting, “Westdale Investment Partners will be able to ride the rising tide of the Central Durham apartment market as rents are poised to make dramatic moves increasing nearly five percent year-over-year from 2011-2015.”The three-story property, built in 1999, is strategically located in the heart of the Triangle at Interstate 40 and Highway 15-501and offers upscale living accommodations near Duke University, UNC-Chapel Hill and the Research Triangle Park. Lenox at Patterson Place offers residents amenities including a resort style swimming pool, lit tennis courts, fitness center, business center and car wash. It is currently 94 percent occupied.
Jones Lang LaSalle’s Southeast Multifamily Investment Sales group assembled in March 2011 and has sold or are currently marketing more than 9,250 units in multifamily property, totaling nearly $900 million in sales. The team is led by Derrick Bloom and David Gutting, two of the top brokers in Atlanta, and their experience represents nearly 50 percent of the total investment sales volume for brokered transactions in the Atlanta apartment market since 2003. The team totals 12 experienced real estate professionals who specialize in the sale and financing of multifamily property in Georgia, Tennessee, North Carolina, South Carolina, Alabama, Kentucky and Mississippi. The added benefit of Jones Lang LaSalle’s January 2011 acquisition of Primary Capital, led by Faron Thompson and John Bray, provides in-house expertise in equity and debt 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 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 LaSalleJones 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 $47.9 billion of assets under management. For further information, please visit our website, www.us.joneslanglasalle.com.
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