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News release


Jones Lang LaSalle Markets Mid-rise Apartment Community for Sale in Suburban Ft. Lauderdale

The Ashlar sits on a 30-acre lake in proximity to both Fort Lauderdale and Miami

MIRAMAR, FLORIDA, May 7, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has been hired to market The Ashlar, a multifamily rental community, for sale in the submarket of Miramar, Florida.  The 480-unit, mid-rise apartment community is situated along a beautiful 30-acre lake, and is within easy driving distance to both Fort Lauderdale and Miami.
Managing Directors Jubeen Vaghefi, Denny St. Romain and Jeff Morris are leading the Jones Lang LaSalle team on this offering.

“Miramar is a high barrier-to-entry market whose appeal is bolstered by its excellent connectivity to major transportation routes, ‘A’ rated school district, impressive retail amenities, sizeable residential base, abundant recreational choices and major local employers,” said Vaghefi.

Added St. Romain, “Going forward, this submarket is expected to remain one of the metro’s fastest-growing areas; population in the city of Miramar is slated to expand by more than two percent annually over the next five years with annual asking and effective rent gains projected to average 3.7 and 5.0 percent, respectively, through 2016, with vacancy forecasted to drop to 2.3 percent. This, coupled with a strong regional economy, in addition to high barriers to home ownership, bodes well for an investor.”

The Ashlar is located at 8448 Sherman Circle North and consists of 12 residential buildings.  Between 2006 and 2008, the property underwent substantial interior unit renovations which included new appliances, extensive kitchen and bathroom remodels, new flooring and window treatments, among other upgrades.  It is currently 95 percent occupied.

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.

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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