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Western National Group purchased 312-unit property from Essex Property Trust
CORONA, CALIF., Dec. 21, 2012 — Jones Lang LaSalle Capital Markets experts today announced the firm has closed the sale of Parcwood Apartment Homes, a gated rental property located in the Inland Empire at 1700 Via Pacifica in Corona, CA, on behalf of Essex Property Trust. Western National Group purchased the 312-unit, garden-style rental property.
Managing Director Joe Leon and Vice President Javier Rivera led the Jones Lang LaSalle team on this transaction.
“This offering provided investors a unique opportunity to acquire a value-add property within a pristine, low-density community in sought-after Inland Empire,” said Leon. “As the property was built in 1988, the new owner has the opportunity to complete an interior renovation and obtain a rent premium of approximately $200.”
Added Rivera, “There had been no new apartment buildings over 100 units completed in Corona since 1993. This, combined with a current average occupancy rate in Corona of 94.9 percent, made this offering very attractive to investors.”
Parcwood Apartment Homes features 26 two-story garden-style apartment buildings in a gated community. Amenities include manicured landscaping walkways; a fitness center; large, tranquil pool deck with Wi-Fi; two spas; newly furnished movie theater; newly furnished gym; two tennis courts, children's playground; business center; three barbeque areas; and clubhouse with bar and catering kitchen. Its proximity to the 91 and 15 freeways provides quick access to Orange and Los Angeles counties as well as the Inland Empire and San Diego.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 166 multifamily properties with an additional 9 properties in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail-please send a request to email@example.com.
About Western National Group
Western National Group is the largest owner in Orange County and has over 35,000 units in their So Cal portfolio. This acquisition was for their $250M Fund I.
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.
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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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