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News release

Nashville

Nashville Multifamily Deal Commands Primary Market Pricing

JLL closes $93.5 million sale of multifamily property in Nashville’s Bellevue submarket


​​NASHVILLE, Sept. 2, 2015 – Enticed by the thriving local economy and low cost of business, investors deem Nashville one of the South's supreme emerging multifamily markets, and the sale of The Lexington is indicative of the trend.  

On behalf of a global asset management firm, JLL's Capital Markets experts today announced the firm has closed the sale of the 598-unit property, located in one of the city's most opportune submarket, Bellevue. PASSCO Companies purchased the asset for $93.5 million.  

Managing Directors Derrick Bloom and David Gutting and Senior Vice President Vince Lefler led the JLL team on the transaction. 

"The Bellevue submarket provides residents with a high quality of life, suburban neighbourhood, right next to one of the most vibrant cities in the United States," said Lefler.  "Located near premier retail, healthcare, and employers, The Lexington has been able to push rent cost per unit due to luxurious upgrades and increasing demand."  

Located just minutes from downtown Nashville, The Lexington offers unit features such as 9' foot ceilings, fireplaces, walk in closets, double stainless steel sinks, and spacious patios and balconies. Community amenities include an indoor pool and three outdoor pools, a fitness center, a clubhouse, lighted tennis courts, a sand volleyball court, two tanning beds, a café and an outdoor grilling area.  The property also offers a java bar, DVD rental media center and clothes care 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. 

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.

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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 $57.2 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.