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Newly constructed, 320-unit multifamily property hits the market
TALLAHASSEE, Fla., Feb. 29, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has been hired to market the Victoria Grand Apartments located in Tallahassee, Florida on behalf of PAC Land & WLD. The 320-unit, Class A, garden-style apartment community is expected to fetch in excess of $40 million.
Managing Directors Jubeen Vaghefi, Jeff Morris and Denny St. Romain along with Vice President Todd Bleakley are leading the Jones Lang LaSalle team on this transaction.
“The outlook for apartment fundamentals in Florida remains strong, as a seismic shift in renting verse owning has created a unique opportunity to lease high quality assets,” said Morris. “Over the past 18 months, the Tallahassee metro has experienced a stellar rebound in apartment market fundamentals with solid gains in occupancy and rent.”
The two- and three-story complex was completed in 2008 and is one of the newest in the region. It is currently 96 percent leased. The property features exceptional community amenities including a clubhouse, resort-style pools, and a recreation center that houses an indoor regulation basketball court, a state-of-the-art fitness center, and an aerobics room. The metro area benefits from stable demand drivers including three higher education institutions as well as being home to the states’ Executive, Legislative and Judicial branches.
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.For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. Bookmark it here: http://us.am.joneslanglasalle.com/unitedstates/en-us/pages/news.aspx
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 2011 global revenue of $3.6 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 2.1 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 $47.7 billion of assets under management. For further information, please visit our website, www.us.joneslanglasalle.com.
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