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News release

PHILADELPHIA, PA

Upside Potential Draws Investors to Philadelphia’s Multifamily Market

JLL closes $73.8 million sale of Rushwood and Winchester Walk


​PHILADELPHIA, Feb. 4, 2016 – JLL’s Capital Markets experts today announced that the firm has closed the sale of Rushwood and Winchester Walk, two garden-style multifamily properties located in Philadelphia. Premier Properties, based in Central New Jersey, purchased the assets for $73.84 million from the sellers, The Carlyle Group and Greystar.
 
Senior Vice President Erin Miller and Managing Director Jim Galbally led the JLL team on the transaction.
 
“This portfolio represents not only incredible value-add potential, but also the ability to obtain scale in an urban, in-fill location at a significant discount to replacement cost,” said Miller.
 
Premier is planning on commencing a large scale renovation program of the apartment unit interiors, as well as the indoor and outdoor amenities to provide residents with a luxury and enjoyable living experience at these well located properties. 
 
“Erin Miller and the whole JLL team were responsible and professional which ensured a smooth and successful transaction,” said Isaac Gluck, Premier Properties.
 
Added Jack Adler, Premier Properties, “This allowed us to broaden our portfolio and capitalize on an incredible investment opportunity.”
 
The portfolio totals 710 institutionally-managed units: the 392-unit Rushwood Apartments and the 318-unit Winchester Walk Apartment Homes. Both properties are located Northeast Philadelphia’s Torresdale/Bensalem submarket, in close proximity to the city’s CBD. Amenities at Rushwood Apartments include a resort-style swimming pool, outdoor grilling area, fitness center and business center, while Winchester Walk Apartment Homes offers a resort-style swimming pool, fitness center and business center.
 
Premier Properties is a Real Estate investment and management firm located in Central New Jersey focusing primarily on multifamily and office assets along the east coast.
 
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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.​