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News release

JACKSONVILLE, FL

Strong Sale of Jacksonville’s 5 Thousand Town Indicates Robust Market

JLL closes sale of 130-unit property in city’s Southside submarket


JACKSONVILLE, Fla., May 7, 2015 – Drawn by strong employment numbers and high-paying jobs, investors are honing in on Jacksonville as one of the Southeast’s strongest emerging multifamily markets, and the sale of 5 Thousand Town is indicative of the trend.
 
JLL’s Capital Markets experts today announced the firm has closed the sale of the 130-unit property, located in the city’s Southside submarket, on behalf of a joint venture between Bove Development and Remi Properties. 
 
“The Southside submarket offers the strongest rental growth in the past four years in Jacksonville,” said Jubeen Vaghefi, International Director, JLL.  “Rent levels here are also setting the metro’s high watermark.  Investor interest in this stunning property was deep and wide due to the incredible fundamentals.”
 
Located in St. Johns Town Center, 5 Thousand Town offers 27 different one-, two- and three-bedroom layouts.  Amenities in the property include a resort-style pool, spa-style hot tub, club room with fireplace, contemporary roof-top sky bar and gaming lounge, and roof-top terrace with fire pits.   The property also offers a music café, 1,800-squarefoot fitness center with a yoga room and spin room, coffee bar/ internet café, outdoor kitchen and bar area, dog park, unique dog groom room, auto detailing garage, motorized electric glass garage amenity doors, business center, conference room, 65-inch touch screen interactive lobby media board, and Wi-Fi throughout all common areas.
 
In addition to 5 Thousand Town, Bove Company, a real estate development and design-build construction firm, has partnered with Remi Properties, a real estate investment and management company, on several multifamily developments in Florida and continue to seek niche development opportunities in thriving markets throughout Florida.
 
Bove Development and Remi Properties are capitalizing on the demand for remarkable multifamily residences in Northeast Florida by developing Aphora at Marina San Pablo, a 57-unit luxury condominium on the Intracoastal Waterway, expected to begin construction this summer.
 
“Our partnership has succeeded throughout the state with multifamily residential communities,” explained Gabe Bove, president, Bove Company. LLC. “We are proud of the reception received by 5 Thousand Town and we are noting similar interest for the amenity-rich Aphora at Marina San Pablo community.”

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 $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.
 
About Bove Company
Bove Company, a real estate development and design-build construction firm, has partnered with Remi Properties, a real estate investment and management company, on several multifamily developments in Florida and continue to seek niche development opportunities in thriving markets throughout Florida. For further information, visit www.bovecompany.com