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News release


Jones Lang LaSalle Closes $130.5 Million Sale of Lehman Nashville Portfolio

Harbor Group International purchases 1.5 million square feet of prime Nashville multifamily

NASHVILLE, TN, Aug. 14, 2012— Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the $130.5 million sale of four multifamily properties known as the Lehman Nashville Portfolio in the Nashville area.  Harbor Group International purchased the portfolio, which is located in Nashville’s southern and eastern submarkets including Brentwood, Hermitage, Antioch and Nashville proper. The properties total more than 1.5 million square feet and include 1,593 units. 

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

“The portfolio’s significant upside potential coupled with the region’s strengthening multifamily market drew in wide investor interest. Through a competitive bidding process, we were able to secure excellent terms of sale,” said Lefler. “Nashville is a multifamily market on the rise, a city with the character of a small town and the opportunities of a big city. The market is poised for tremendous growth in the coming years, and Harbor Group International’s acquisition of the Lehman Nashville Portfolio is evidence of the market’s continued viability as a solid multifamily investment.”

Nearly half of the Lehman Nashville Portfolio has undergone interior renovations since 2008, with more than $1.1 million in physical plant capital expenditures during 2011.  The portfolio is currently 95 percent occupied and comprised of four properties including:

  • Cherry Creek, a 627-unit property located at 1100 Crystal Spring Ln, Hermitage, TN
  • Arbors of Brentwood, a 346-unit property located at 100 Brentwood Place, Nashville, TN
  • Cambridge at Hickory Hollow, a 360-unit property at Hickory Hollow, 660 Bell Road, Antioch, TN
  • Preakness, a 260-unit property located at 630 Bell Road, Antioch, TN

Jones Lane LaSalle’s Southeast Multifamily Investment Sales group has marketed more than $325 million in multifamily properties in the Nashville region since March of 2011. Overall in 2011, the team sold nearly 8,000 units in multifamily property totalling more than $740 million in sales. The team comprises 12 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. 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

About Harbor Group International, LLC
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.4 billion.  HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv.  The company’s real estate holdings include more than 8 million square feet of commercial space and approximately 23,000 apartment units.  For additional information, please visit