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News release

ORLANDO, FL

Urban-Living Orlando Multifamily Asset Fetches $66.5 Million

JLL closes the sale of The Gallery at Mills Park


ORLANDO, Fla., May 4, 2015 – Recording a price per unit high in Orlando’s multifamily market this cycle, JLL’s Capital Markets experts today announced the sale of The Gallery at Mills Park on behalf of DeBartolo Development. An institutional investor purchased the 310-unit multifamily asset for $66.5 million, or approximately $215,000 per unit.
 
International Director Jubeen Vaghefi and Managing Directors Denny St. Romain, Jeff Morris and Matt Wilcox led the JLL team on the transaction.
 
“The Gallery at Mills Park is located in Orlando’s trendy, contemporary Mills 50 District, which is quickly attracting today’s renter due to its ‘live, work, play’ status,” said Vaghefi. “Additionally, the asset features the latest apartment finishes and amenities.”
 
The Gallery at Mills Park is a Class AA, infill asset located in Downtown Orlando. As part of the 14.5 acre Mills Park mixed-use project, residents have trendy restaurants, chic health/beauty vendors and a Fresh Market grocer at their doorstep.
 
Unit interiors feature high ceilings, stainless steel appliances and kitchen islands. Community amenities include two pools, poolside grills and suites, an outdoor yoga platform, an outdoor zen area, a coffee bar, a spin room and fitness center.
 
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 $55.3 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.