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NASHVILLE, TN

Jones Lang LaSalle Closes $47 Million Sale of Nashville Apartment Complex to Arenda Capital Management


​NASHVILLE, Tenn., Jan. 16, 2014 – Named one of 2013’s top 10 fastest growing cities in the country, Nashville’s momentum carries over to its real estate sectors. On behalf of Equus Capital Partners, Ltd., Jones Lang LaSalle experts today announced the sale of Madison at Ridgelake, located at 100 Ridgelake Parkway in Nashville. The 560-unit apartment property sold for $47 million to Arenda Capital Management, LLC, a national owner of multifamily assets.

Managing Directors David Gutting and Derrick Bloom, along with Senior Vice President Vince Lefler led the Jones Lang LaSalle team on this transaction.

“Demand has significantly outpaced supply in this market for more than a decade, and Madison at Ridgelake is currently 99 percent occupied with 11 percent in-place rent growth,” said Gutting. “Arenda will be able to capitalize on this organic growth, and potentially boost income even further through interior upgrades.”

“This property is located near the region’s medical district as well the core office market, adding to its appeal among current and potential residents,” added Bloom.

Ryan Millsap, Managing Principal at Arenda, commented that “The demand drivers in Nashville have created a dynamic overall economy and a strong multifamily operating environment.  We look forward to repositioning Madison to capitalize on this strength.”

Located in the high quality of life submarket of Bellevue, unit features include vaulted ceilings on the top floors, private patios and balconies and a breakfast bar. Amenities offered include two outdoor pools, an indoor pool, a spa and sauna, two racquetball courts, lighted tennis courts, a sand volleyball court and 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.