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News release

DALLAS, TX

JLL’s Newest Multifamily Team in Dallas Closes the Sale of Four Multifamily Properties for $120 Million

Dallas commercial real estate roars ahead


DALLAS, TX Aug 7, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of four prime multifamily properties in the Dallas area on behalf of four separate sellers. The combined sale price was in excess of $120 million. The properties sold include Silverado Apartments in Frisco, Park Gates at City Place in Dallas, Republic Park Vista in Fort Worth and The Ablon at Frisco Bridges in Frisco.

Managing Director Jeff Price and Senior Vice President Bill Simmons led Jones Lang LaSalle team on these transactions.

“The Dallas multifamily market continues to see strong demand, rising occupancy levels and effective rental rate growth,” said Price. “Each of these offerings provided investors the opportunity to purchase well-maintained assets with strong track records.”

  • Silverado Apartments is a 332-unit, garden-style community located at 8400 Stonebrook Parkway in Frisco. Built in 2000, the gated community features an abundance of resort-style amenities including an expansive swimming pool with sundeck, clubhouse with executive business center, 24-hour fitness center, billiards room with coffee bar, sports court and parking garage.  Adams LaSalle purchased the community from Sherman Residential.
  • Park Gates at City Place is a 228-unit residential community located at 4211 Cabell Drive in Dallas.  Built in 1988, the property underwent renovations in 2008.  The gated community features a fitness center, two swimming pools with sundecks and four laundry rooms.  BK Funds purchased the multifamily community from The Connor Group.
  • Republic Park Vista is a 308-unit, Class A+ multifamily community located at 8625 Ray White Road in Ft. Worth.  Built in 2009, it features premium amenities including an expansive resort-style pool with sundecks, state-of-the-art fitness center, full-service business center, clubroom with kitchen and billiards table and sand volleyball court.  Momentum Real Estate Partners purchased the property from Beucler Properties/Prudential Real Estate Investors and an investment fund advised by Prudential Real Estate Investors.
  • The Ablon at Frisco Bridges is a 252-unit, Class A property located at 3150 Avenue of the Stars, near the North Dallas Tollway and State Highway 121.  Built in 2013, it features a resort-style, bi-level pool with poolside fireplace, cabana and dining area; barbeque grilling area; clubhouse with kitchen, fireplace and television; walking trail with lakes; business center with conference room; state-of-the-art fitness center and bike storage.  Colonial Property Trust purchased the property from Pegasus Ablon.

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.

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About Jones Lang LaSalle
Jones 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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.