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News release

BOSTON, MA

Convenience is Key: Transit Orientation Drives $35M Sale of Boston Multifamily Asset

MBTA Red Line access attracts core renter demographic and investors alike


BOSTON, May 15, 2014 – Rents are rising and development remains modest, leading investors to pursue the market’s available multifamily properties. On behalf of National Real Estate Advisors, JLL’s Capital Markets team today announced the sale of The Residences at Munroe Place, a multifamily complex located in Quincy, MA. A private buyer purchased the asset for $35.3 million.

Senior Vice Presidents Travis D’Amato and Michael Coyne led the JLL team of the transaction which included their associates Kevin Gleason and Brendan Shields.

“The Residences at Munroe Place presented investors the rare opportunity to obtain a 100 percent market rate property adjacent to a T stop,” said D’Amato. “Due to its transit orientation, underground parking, steel construction and close proximity to downtown Boston, we received a very high level of interest during the marketing process.”

The 111-unit, eight-story complex is nearly 100 percent occupied. The ground floor retail space is anchored by Starbucks.  
The property is located eight miles south of downtown Boston’s employment base, cultural attractions and academic institutions. It is also adjacent to Quincy Center, blending a ‘live, work, play’ environment with a historic touch.

About Capital Markets
JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. 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 JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About National Real Estate Advisors
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. An SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund, a $12 billion pension plan sponsor.  For more information visit, www.natadvisors.com.

About JLL
JLL (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 fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com. ​