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News release

CHARLOTTE, NC

Investors Set Sights on Multifamily Market in North Carolina’s Triad Region

JLL closes $67 million sale of Bell Triad Portfolio


CHARLOTTE, N.C., July 6, 2015 – The Triad region’s logistics, distribution and aviation-based economy has added 12,000 jobs in the twelve months ending, April 2015 and this is fueling demand for multifamily product. On behalf of Bell Partners and Wells Fargo, JLL’s Capital Markets experts today announced the firm has closed the sale of the Bell Triad Portfolio, a three-property multifamily portfolio with locations in Greensboro and High Point, N.C. Hudson Capital Properties IV, LLC purchased the properties for $67 million.
 
Managing Directors David Gutting and Derrick Bloom and Senior Vice President Andrea Howard led the JLL team on the transaction.
 
“Investors seeking higher yields on multifamily assets are targeting secondary and tertiary markets in the Carolinas, and Greensboro, N.C. is one of their top targets,” said Howard. “This portfolio presented an incredible value-enhancement opportunity and we expect the market’s fundamentals to grow and, in turn, drive the performance of these properties.”
 
The portfolio totals 811 units and includes the following three properties:
 
•         The 420-unit Steeplechase, located in Greensboro, N.C.
•         The 240-unit Deep River Pointe, located in High Point, N.C.
•         The 151-unit Park Forest, located in Greensboro, N.C.
 
The properties are located near the area’s diverse employment base and amenities at properties include resort-style swimming pools, playgrounds, tennis courts, walking trails and clubhouses.
 
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. A Fortune 500 company 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.