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News release

MEMPHIS, TN

Jones Lang LaSalle Closes $27.3M Sale of Lincoln at Wolfchase in Suburban Memphis

Archon/Goldman Sachs acquires Class A multifamily community in Cordova, Tennessee


MEMPHIS, June 20, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has close the sale of Lincoln at Wolfchase in suburban Memphis on behalf of Equity Resources, LLC.  Archon/Goldman Sachs purchased the 408-unit, Class A multifamily property for $27.3 million. 

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

 “Through a competitive bidding process we were able to secure excellent terms of sale for Equity Resources, LLC,” said Bloom.  “The suburban Memphis market is heating up, and is increasingly attractive for multifamily investors seeking a stable and secure location. The markets overall rental rates have continued to climb with declining vacancy.”

“The submarket of Cordova has had consistent and stable rent and occupancy levels over the last decade, outperforming the Memphis metro area. Its growing strength, combined with a minimum number of new units on the market, makes it a prime investment,” added Lefler.

Lincoln at Wolfchase is located in the Memphis submarket of Cordova, at 2460 Vintage Drive. The property was built in 1998.  The gated property offers upscale modern features in each unit and exclusive amenities including a clubhouse, fitness center, swimming pool and spa and a cyber café. It is currently 93 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 our website, www.joneslanglasalle.com.