Skip Ribbon Commands
Skip to main content

News release

LOS ANGELES, CA

Investors Drawn to Transit-Oriented Multifamily Asset in Los Angeles

JLL closes $66.5 million sale of Emerald Terrace


LOS ANGELES, Dec. 9, 2015 – JLL’s Capital Markets experts today announced the firm has closed the sale of Emerald Terrace, located between the Silver Lake and Koreatown submarkets of Los Angeles, on behalf of Fairfield Emerald Terrace, LLC.  M West Holdings, LLC purchased the 302-unit multifamily property for $66.5 million. 
 
Managing Director Joe Leon and Senior Vice President Javier Rivera led the JLL team on the transaction.
 
“Emerald Terrace is located in LA’s fastest growing urban neighborhood and provides immediate walkability to two Metro stations as well as convenient freeway access,” said Leon. “In addition, the new buyers will be able to capitalize on value-add renovations that will achieve immediate rental premiums.”

Added Karl Slovin, President at M West Holdings, “We are pleased to partner with JLL Capital Markets on this project and other purchases in the future. The acquisition of Emerald Terrace fits perfectly into our strategy to find unique properties in emerging markets and enhance and redefine them to fit the new growing real estate marketplace in Los Angeles.”
 
Built in 1971, Emerald Terrace is a two-building community providing dual amenity facilities with a well-appointed swimming pool, clubhouse, and fitness facility in each building as well as a movie screening room.
 
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.