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News release

DALLAS, TX

JLL Secures Acquisition Financing for the Suite 2801 Apartments in Colleyville, Texas

New York Life finances suburban Dallas luxury multifamily asset as capital moves beyond the CBD


DALLAS, Nov. 12, 2014 – Life company capital is putting its bets on a unique “urban/suburban” apartment building in one of Dallas’ submarkets.  In a move that signifies how the strength of high quality property in the greater Dallas multifamily is pulling capital farther from the central business district, JLL has secured a loan from New York Life for the owners of the Suite 2801, a luxury apartment community located in Colleyville, Texas; a large suburb located 27 miles west of Dallas’ Central Business District.  

JLL’s Managing Director Tim Jordan and Executive Vice President Mark Brandenburg led the JLL financing team on the transaction. JLL has a history of success positioning this asset, given a JLL team led by Managing Director Jeff Price sold the asset for the original developer, which delivered the property to the market in 2013.

“Suite 2801 has a very competitive position in the market at 94 percent occupancy without any significant multifamily development sites within five miles of the property,” said Brandenburg. “The barriers to entry make this a strategic investment for New York Life as Colleyville and Southlake prohibit any multifamily development within the city limits.”

Suite 2801 provides residents with luxury amenities within a desirable live, work, play environment. In addition to its proximity to major transportation and employment hubs, residents enjoy convenient access to Southlake Town Center, Great Wolf Lodge, AT&T Stadium and Globe Life Park.  

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 $4.0 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 $53.0 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.