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News release

DALLAS, TX

Strong Job Growth in Fort Worth Bodes Well For Multifamily Investors

JLL closes sale of The Lancaster / White Buffalo development in West 7th Corridor


DALLAS, Oct. 20, 2014 – Job growth in Fort Worth continues to outpace most of the nation with more than 26,000 jobs created over the past year. The labor market has increased at an above-average rate and momentum in the job market has once again shifted the focus to urban in-fill locations where people want to live and play, near work. 

JLL today announced that on behalf of Lang Partners, the firm has negotiated the sale of The Lancaster/White Buffalo, a Class A+ development in the West 7th Corridor, at the center of Fort Worth’s entertainment district. 

Managing Director Jeff Price, Senior Vice Presidents Bill Simmons and Jorg Mast, along with Vice President David Fersing led the JLL team on the transaction.  Bell Partners purchased the development for an undisclosed amount.

“The local economy is running on all cylinders and investors have DFW on their radar,” said Price.  “An influx of new residents that fit the prime rental demographic have raised most properties, like The Lancaster/White Buffalo, to near stabilization making them especially attractive.”

The 253-unit Lancaster and 63-unit White Buffalo are operated as one, blended property.  Property amenities include washer/dryer sets in every unit, spa-like fitness center and yoga studio, stainless steel appliance package, custom cabinetry and resort-style swimming pool.

The property is located blocks from University Drive and West 7th Street, providing residents with convenient access to the Fort Worth Cultural District, University of North Texas Health Science Center, Texas Christian University and numerous retail destinations.

“Fort Worth is a top-10 nationally ranked market in terms of job growth and has a thriving local economy,” said Simmons.  “Dynamics like this will remain attractive and, thus continue to add value to an investors’ real estate portfolio.”

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 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 $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.