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News release

DALLAS, TX

Stylish Apartment Community in Dallas’ Oak Lawn District Attracts Investors

JLL closes sale of Axis on Wycliff


DALLAS, August 11, 2015 – One of Dallas’ newest luxury apartment communities has been acquired by Chicago-based Sherman Residential.  Trinsic Residential Group sold Axis on Wycliff, a 334-unit Class A+ complex for an undisclosed amount, at a time when the asset was over 95 percent occupied.

Managing director Jeff Price, executive vice president Brad Takala, and senior vice president Jorg Mast led the JLL team on the transaction.

“Dallas-Fort Worth is one of the Nation’s top employment centers, and it’s expected that by 2020 over 7.6 million people will live in North Texas,” said Scott Gould, Senior Vice President of Acquisitions with Sherman Residential.  “We were excited to acquire the property and benefit from the projected growth in the Metroplex with such a well-positioned investment grade property.”

The community is located at 4343 and 4338 Congress Avenue, in proximity to Uptown, Park Cities, the Medical District, and the Design District.  The property features some of the highest quality construction, interior unit finishes, and conveniences in the market. Upscale amenities include a resort style pool with tanning ledge, relaxation courtyard with fire pit, gourmet kitchen islands, and stone backsplashes within each unit.

“Axis on Wycliff is in one of the most desirable neighborhoods in Dallas, and the area will continue to appreciate alongside major public and private economic investments, such as the Love Field Airport expansion,” said Price.  “Area dynamics have already had a positive impact on the lease-up rate with recent renewals being signed at a six percent increase.”

According to Walkscore.com, Axis on Wycliff has a score of 82, which is similar to such cities as New York and San Francisco, and is considered a “very walkable” location where most of daily errands can be accomplished on foot, or in a pedestrian friendly environment.

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, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.  For more information about our capabilities in Dallas-Fort Worth, please visit the firm’s local Web page: http://bit.ly/1Tq3FjD.

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 $56.0 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.