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News release

BIRMINGHAM, AL

Jones Lang LaSalle Closes Sale of Barrington on the Green in Birmingham

Somerset purchases Class A asset for $28.5 million


BIRMINGHAM, AL, May 29, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Barrington on the Green apartments in Birmingham, Alabama, on behalf of a joint venture between DRA Advisors LLC and Bell Partners Inc.  Somerset Partners purchased the 342-unit property, which is located in the Hoover’s Riverchase submarket, for $28.5 million.

Managing Directors David Gutting and Derrick Bloom, Senior Vice President Vince Lefler and Vice President Porter Jones led the Jones Lang LaSalle team on this transaction.

“Barrington on the Green is located in one of the city’s most sought after areas and received a great deal of interest from investors seeking a foothold in the rapidly recovering Birmingham market ,” said Gutting.

Added Bloom, “Birmingham is one of the top performers in the nation in the multifamily sector—with the vacancy rate falling by 150 basis points in the past year.  The time was right for the sellers to bring this property to market, and for Somerset to establish a foothold here.”

Barrington on the Green is located on more than 28 acres along Lorna Road in the heart of Hoover’s affluent Riverchase area, with immediate access to I-65 and I-459.  The property was completed in 1996 and features two pools, a large modern fitness center, business center, lighted tennis court, sports/basketball court, playground and 40 detached garages.  It is currently 95 percent occupied.

Jones Lane LaSalle’s Southeast Multifamily Investment Sales group has sold nearly 8,000 units in multifamily property totalling more than $740 million in sales in the past year. The team comprises 14 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. In addition, the team works closely with the Real Estate Investment Banking experts to source both debt and equity and the firm’s acquisition of Primary Capital allows it to operate as a Freddie Mac Program Plus© Seller/Servicer and includes a $2 billion loan servicing platform.

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 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

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 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 $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.