Skip Ribbon Commands
Skip to main content

News release

SEATTLE, WA

Jones Lang LaSalle Closes $30M Sale of Class A Multifamily Property in Suburban Seattle

Security Properties Inc. acquires 192-unit Newport Crossing in Newcastle, Washington 


SEATTLE, July 23, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Newport Crossing on behalf of Pacific Urban Residential. Security Properties Inc. acquired the 192-unit property, located at 7311 Coal Creek Parkway SE, Newcastle, Washington, for $30.35 million

 
Managing Director David Young and Senior Vice Presidents Corey Marx and Seth Heikkila led Jones Lang LaSalle team on this sale.

“The Puget Sound region was one of the last markets to be hit by the downturn, and is proving to be one of first markets to rebound. We are seeing an improvement in occupancy, with rental rates continuing to climb. The suburban markets like Newcastle have seen extremely limited supply of new construction, and as the economy improves, we predict rents there to rise fairly dramatically,” said Young. “Security Properties Inc. has an opportunity to capitalize on their investment by further upgrading the property to increase the premiums. We expect Seattle’s thriving economy to drive employment in the region and further the need for prime multifamily properties like Newport Crossing.”

Newport Crossing was originally built in 1990 and more than 60 percent of the units underwent a renovation in 2008. The apartment community’s amenities include: a clubhouse, resident lounge, fitness center, business center, swimming pool and hot tub, tanning facilities and two ponds.  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.

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 our website, www.joneslanglasalle.com.