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News release

WASHINGTON DC

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.
 
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.

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 www.jll.com.