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News release

SCOTTSDALE, AZ

Institutional-Quality Multifamily Asset Snapped Up in Scottsdale

Simpson Housing, LLLP purchases Jefferson on Legacy


SCOTTSDALE, Ariz., Oct. 27, 2015 – Highly amenitized multifamily opportunities continue to garner top billing among developers and investors. In an off-market deal, Simpson Housing, LLLP purchased Jefferson on Legacy, a 322-unit multifamily property located in Scottsdale, Arizona. JLL’s Capital Markets experts brought the new buyers to the table after securing joint venture capital for the project in late 2013; JLL joined the project’s developer, JPI, with AEW Capital Management, L.P. to capitalize the project.

Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team on both the buy-side and joint venture equity transactions.

“Transacting on an asset prior to stabilization has been challenging in the current market environment,” said Cunningham. “Jefferson on Legacy’s irreplaceable North Scottsdale location and enduring construction quality proved to be substantial motivators for our client.”

Located in the One Scottsdale mixed-use development, Jefferson on Legacy is located near diverse high-paying jobs and world-class retail, dining and entertainment amenities. The community was completed in September 2015 and is approximately 45 percent occupied. Simpson will take over management and leasing of the community and will rename the property Avion on Legacy.
Amenities include a clubhouse, lounge, golf simulator, game room with billiards and shuffleboard, fitness studio, outdoor cabanas, grilling areas and fire pits, and a pool and spa.

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.

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.

In Phoenix, JLL is a market leader employing more than 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2014, the Phoenix team completed 12.2 million square feet in lease transactions valued at $918 million, directed $75 million in project management and currently manages a 23.1 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.