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JLL closes $41.7 million sale of Sunset Electric
SEATTLE, April 17, 2015 – Seattle’s ‘live, work, play’ epicenter of Capitol Hill continues to attract today’s renter demographic and the proof can be seen in the sale of Sunset Electric, a 92-unit multifamily property. On behalf of The Wolff Companies, JLL’s Capital Markets experts today announced the sale of the asset to ASB Real Estate for $41.75 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’s multifamily fundamentals are firing on all cylinders and properties that are walkable to restaurants, retailers and entertainment venues are at the top of investors’ wish lists,” said Young. “Sunset Electric caters to today’s renter and the property will deliver strong returns going forward.”
Sunset Electric is located in Seattle’s Pike/Pine Corridor, near the area’s top employers. Units feature open floor plans and community amenities include an open-air interior courtyard and a rooftop deck. The asset is one of the few LEED platinum apartment communities in the Pacific Northwest.
The building was recently honored as the 2014 Seattle Daily Journal of Commerce building of the year based upon reader votes, with many commenting on the building’s blend of historic design and modern touches.
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 JLLJLL (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.
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