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News release


Location, Location, Location: High Demand for Philadelphia Multifamily Product in CBD

JLL closes $29M sale of Oakwood Philadelphia

PHILADELPHIA, July 2, 2014 – A “live, work, play” environment doesn’t only attract residents: investors across the spectrum including local, regional, institutional and even condo converters and hoteliers were in the mix when it came to of the opportunity to acquire Oakwood Philadelphia, located in Philadelphia’s central business district (CBD). On behalf of AvalonBay Communities, JLL’s Capital Markets experts today announced that Pantzer Properties purchased the multifamily property for $29 million.

Managing Director Scott Melnick, Executive Vice President Christine Espenshade and Vice President Erin Miller led the JLL team on the transaction.

“Oakwood Philadelphia’s location in the highly desirable Rittenhouse Square submarket presented investors with the incredible opportunity to acquire a value-add property near the area’s top employers, entertainment venues, shopping options and restaurants,” said Miller. “Demand for Philadelphia multifamily assets is stronger than ever and this property received a significant amount of interest.”

The 80-unit, 13-story building is located at 1601 Sansom Street. It features 77,656 square feet of rentable apartment space and 11,192 square feet of retail and commercial space. Since 2007, more than $12 million has been invested in new housing, office and academic buildings, medical facilities and cultural projects in the area.

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.

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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. JLL is the brand name of Jones Lang LaSalle Incorporated. For further information, visit​