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News release

ATLANTA, GA

Jones Lang LaSalle Closes Sale of Atlanta Apartment Complex

Glenwood East offers tenants “urban village” experience in award-winning property


ATLANTA, Jan. 6, 2014 — The Atlanta multifamily market is experiencing benefits from on-going economic recovery as demand increases for apartments. Jones Lang LaSalle’s Capital Markets experts today announced the sale of Glenwood East on behalf of Alliance Residential and Prudential Real Estate Investors.  The 236-unit mid-rise apartment community is located at 390 Stovall St. SE in Atlanta’s ULI award-winning Glenwood Park neighborhood. Carter-Haston Holdings purchased the property.

Managing Directors David Gutting and Derrick Bloom led the Jones Lang LaSalle team on this transaction.

“Glenwood East is positioned in an up-and-coming location of infill Atlanta’s redevelopment around the Atlanta BeltLine,” said Gutting. “Residents are seeking this emerging type of urban design within walkable communities. Carter-Haston will do quite well with this acquisition as the property’s effective rents are up nearly seven percent year-over-year and the community is 95 percent occupied.”

“Residents at Glenwood East are drawn to the ‘live, work and play’ experience of Glenwood Park,” added Bloom. “It’s walkability to office, retail, green space and the BeltLine checks the boxes of today’s renter cohort.”

Units at Glenwood East feature stainless steel appliances, granite kitchen counter-tops and islands, designer cabinets and modern pendant lighting. Amenities include a penthouse-level clubroom with an open two-story ceiling featuring skyline views and viewing deck, an outdoor courtyard, a swimming pool, fully-equipped fitness centers and a designated dog park.

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: http://bit.ly/18P2tkv.

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 $46.7 billion of real estate assets under management. For further information, visit www.jll.com.