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News release

SEATTLE, WA

Seattle Multifamily Hot Spot Attracts Investors and Millennials

JLL closes $47 million sale of REO Flats


SEATTLE, April 17, 2015 – With an address in the midst of Seattle’s booming Capitol Hill neighborhood, renter demand is robust for urban multifamily assets such as REO Flats, a 108-unit property. On behalf of Madrona Real Estate and Glenmont Capital Management, JLL’s Capital Markets experts today announced the sale REO Flats to ASB Real Estate for $47.1 million.

Managing Director David Young, Executive Vice President Corey Marx, Senior Vice President Seth Heikkila and Vice President Matt Kemper led the JLL team on the transaction.

“Seattle continues to experience significant job and population growth, creating plenty of demand for multifamily assets, particularly among Millennials,” said Young. “Market fundamentals show that these properties are poised for a continued strong performance.”

REO Flats is located near Seattle’s major employment hubs, transit options and top dining, entertainment and retail venues.  Amenities include high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade.

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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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 $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 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.