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News release

SAN DIEGO, CA

Ballpark Village Hits a Home Run into San Diego’s Skyline

Greystar purchases Ballpark Village Parcel C2


SAN DIEGO, April 21, 2015 – A constrained pipeline paired with strong job growth has investors confident in San Diego’s multifamily prospects. On behalf of JMI and Lennar, JLL’s Capital Markets experts today announced Greystar has purchased Ballpark Village Parcel C2, a development site that is part of a larger master-planned development located in downtown San Diego. The site is slated for a 37-story, 446-unit multifamily tower that will stand 400 feet. Greystar purchased the parcel.

Executive Vice President Darcy Miramontes, Managing Directors Lynn LaChapelle and Bob Prendergast, and Vice President Kip Malo represented JMI and Lennar in the transaction.

“This development is an indication of the strength of San Diego’s multifamily market as job growth, along with population growth, continues its upward climb,” said Miramontes. “Its location will offer residents a true ‘live, work, play’ environment since it’s located near the area’s top employers, vibrant restaurants and entertainment options.”

Added LaChapelle, “JMI has been working to get this project off the ground for more than a decade.  Their collaboration with city leaders and community groups is a testament to hard work, dedication and a vision for the future.”

The multifamily asset will offer views of the Pacific Ocean, San Diego Bay, Coronado Island and bridge, Balboa Park, Point Loma and the Downtown skyline. Community amenities include a rooftop pool, clubhouse, spa, fire pit, and barbecue area. The property will also feature a three level parking garage and 24,000 square feet of retail space.

Ballpark Village Parcel C2 is part of a master-planned development in the Ballpark District and will be part of the Ballpark Village, a six-building, mixed-use project located adjacent to Petco 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 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.

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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 $4.7 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.