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ALARA® State Bridge and Highland Park communities sell within four months of coming to market
ATLANTA, April 23, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of ALARA State Bridge, a 224-unit apartment community in Johns Creek, GA (North Fulton), and ALARA Highland Park, a 188-unit apartment community located in Sandy Springs, GA, on behalf of American Realty Advisors (American). The assets sold within four months of coming to market.
Managing Directors David Gutting and Derrick Bloom led the Jones Lang LaSalle team on this transaction.
“ALARA State Bridge provided investors an opportunity to purchase a prime multifamily asset in the most sought-after suburban submarket of Atlanta. The limited nearby competition, coupled with strong upside potential drew wide-spread investor interest,” said Gutting.
Bloom added, “ALARA Highland Park is flanked by the trendy and revitalized Roswell downtown district and the booming Central Perimeter area. Its boutique allure, superior location and competitive amenities made this a desirable investment.”
ALARA State Bridge, built in 1998, is a 224-unit apartment community located at 10840 State Bridge Road in Johns Creek, GA. It features modern architecture and leading luxury amenities that cater to a more family-oriented profile seeking some of the state’s top-rated schools and proximity to high-tech employment.
ALARA Highland Park, built in 1995, is a 188-unit apartment community located at 100 Highland Park Trail in Sandy Springs, GA. It features a serene, wooded Williamsburg-inspired community that offers proximity to the entertainment and nightlife venues of Downtown Roswell, Dunwoody Village and the Central Perimeter Office submarket that younger professionals seek.
About American Realty AdvisorsAmerican is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With over $5.2 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 24 years utilizing core and value-added commingled funds and separate accounts. The firm’s portfolios include office, industrial, multi-family, retail, and other properties nationwide, all of which are managed on behalf of American’s clients and investors. Information regarding American can be found online at www.americanreal.com. More information on the ALARA portfolio of multifamily assets can be found at www.alaraliving.com. *Assets under management represent approximate gross market value of all assets and accounts managed by American as of December 31, 2012, which includes cash and cash equivalents and excludes partners’ share of equity and partners’ share of debt on partnership investments.
Jones Lane LaSalle’s Southeast Multifamily Investment Sales group has sold nearly 9,700 units in multifamily property totaling more than $1.6 billion in sales in the past year. The team comprises 14 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. 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 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 LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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