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News release


Multifamily Value-Add Asset Draws Investors to Metro D.C.

JLL closes $57 million sale of Munson Hill Towers

WASHINGTON D.C., Nov. 11, 2015 – On behalf of Washington REIT, JLL’s Capital Markets experts today announced the firm has closed the sale of Munson Hill Towers, a 279-unit multifamily asset located in the Washington, D.C. suburb of Falls Church, Virginia. Akelius US LLC purchased the property for $57 million.
Managing Director Christine Espenshade and Senior Vice President Robert Garrish led the JLL team on the transaction.
“Renters are turning toward first-tier suburbs - the areas near major cities that offer a ‘live, work, play’ dynamic but at a more affordable cost – and investors are following suit,” said Espenshade. “Munson Hill Towers is located near top employers and retailers and boasts plenty of upside potential.”
Munson Hill Towers is a high-rise multifamily complex located along Leesburg Pike and near public transportation options. Community amenities include a pool and Jacuzzi, business center, fitness center, basketball and tennis courts, billiards room, picnic area with grills and playground.
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 $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