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Southern California multifamily demand strengthens with job market growth
TUSTIN, CA, Jan. 2, 2013 — On behalf of Nevis Homes, Jones Lang LaSalle Capital Markets experts today announced the firm has closed the $37.9 million sale of Tustin Cottages in Tustin, California. JB Matteson purchased the 24 three -story buildings that include 93 townhome residences in the heart of Orange County.
Managing Director Joe Leon and Vice President Javier Rivera led the Jones Lang LaSalle team on this transaction.
“JB Matteson’s acquisition of Tustin Cottages is a great opportunity for them to capitalize on an extremely high barrier to entry market. Their diversified portfolio throughout the Western United States made Tustin Cottages an ideal property to support their investment strategy,” said Leon. “As job growth in Southern California continues to boom, we expect multifamily demand for quality Class A assets to continue.”
Tustin Cottages is the newest apartment community in Tustin, California. The property features gated access, community pool, heated spa, barbecue area and exterior fireplace. The 153,169-square-foot property is currently 92 percent occupied. Charming architectural details and condominium finishes characterize welcome you to your elegant homes at Tustin Cottages.
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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