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JV between Intracorp and LA-based Resmark to Develop New Communities Close to UW
SEATTLE, October 2, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has successfully arranged equity financing for two new apartment communities to be built close to the University of Washington campus in Seattle’s Green Lake and University District neighborhoods.
Equity financing was provided by Resmark Companies, a full service real estate investment advisor headquartered in Los Angeles. Managing Director David Young, and Senior Vice Presidents Corey Marx and Seth Heikkila of Jones Lang LaSalle, secured the financing on behalf of a development joint venture formed by Intracorp, a real estate development company based in Seattle with offices in San Francisco and Southern California.
The fully entitled development projects are a 112-unit apartment community at 63rd and Roosevelt and a 161-unit community at 4545 8th Avenue NE in the University District.
The 112-unit project will be built adjacent to a Whole Foods Market and within two blocks of a future light rail station linking the Green Lake neighborhood and University of Washington to downtown Seattle and Seattle-Tacoma Airport. The community will also have easy access to I-5.
The 161-unit project will be built close to an existing Trader Joe’s store in an amenity rich neighborhood with a 97/100 walk score. The site is also close to I-5 and less than six blocks from Portage Bay and Lake Union.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our 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.
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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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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