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News release

PHOENIX, AZ

JLL Sells First Downtown Phoenix Apartment Community of New Cycle

$21.8M Proxy 333 sale signals strong investor interest in downtown multifamily market


PHOENIX, September 29, 2016 – The first urban apartment project to be constructed and traded in downtown Phoenix's post-recession real estate upswing has sold this week in a $21.8 million deal brokered by the Phoenix office of JLL. Named Proxy 333, the project totals 118 highly amenitized urban multifamily units located in the heart of downtown's Evans-Churchill neighborhood.

JLL Executive Vice President John Cunningham and Senior Vice President Charles Steele represented the property owners, Goodman Real Estate and Tilton Development Company. The buyer was Weidner Apartment Homes.

"Proxy is the first generation of new downtown construction to finish, lease and sell in this multifamily cycle," said Cunningham. "Goodman Real Estate and Tilton Development Company designed and developed this property to address the burgeoning residential population in downtown, and to address the type of urban lifestyle and dynamics associated with the surrounding neighborhood."

Built in 2016, Proxy 333 totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth streets in downtown Phoenix. It includes 118 units ranging from 438 square feet to 878 square feet, including studios, one bedroom, two bedroom and ten ground-floor live work units complete with individual signage.

The project's $21.8 million sale price represents an average $314 per-square-foot, or $184,745 per unit. At the time of sale, the community was approximately 45 percent occupied.

"Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street," said Steele. "The economies of owning both properties and the complementary nature of the floor plans will give the company a unique advantage in this submarket."

With the acquisition of Proxy 333, Weidner now owns 38 properties – approaching 12,000 units – in Arizona.

Each unit at Proxy 333 includes a private patio or deck, large closets, upgraded appliances and designer interior selections complete with quartz countertops. Community amenities range from a 24-hour concierge and private fitness center to a bike garage and exclusive rooftop lounge. Additional amenities include a pool and recreation area with fire pit, game tables, bocce ball, an outdoor kitchen and TV. As a pet-friendly community, Proxy also includes an on-site dog park.

These amenities are complemented by nearby shopping, dining, arts and entertainment – some as close as the building's first-floor retail space – as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.

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 280 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 $59.1 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

In Phoenix, JLL is a market leader employing more than 540 of the region's most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2015, the Phoenix team completed 17.2 million square feet in lease and sale transactions valued at $930 million, directed $125 million in project management and currently manages a 16.4 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.