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News release

Las Vegas

Canadian Firm Buys Luxury Las Vegas Multifamily Asset

JLL completes $53.6 million sale of South Blvd



LAS VEGAS, October 24, 2016 – Las Vegas' economic recovery continues to entice investors looking to find value in multifamily assets. On behalf of The Praedium Group, JLL's Capital Markets experts today announced the firm completed the sale of South Blvd, a luxury multifamily asset in Las Vegas. Toronto-based Starlight Investments Ltd. purchased the 320-unit building for $53.6 million.


Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the sale.

 

“South Blvd presented the opportunity to acquire a luxury asset that will directly benefit from the continued recovery of the Las Vegas area, and drew strong interest from a number of buyers including cross-border investors,” said Cunningham.

 

Located in the South Las Vegas submarket, South Blvd is just 15 minutes from the Las Vegas Strip and benefits from its close proximity to the largest inventory of office properties in the Las Vegas metro.

 

South Blvd is comprised of 29 two-story buildings and offers one, two and three-bedroom options that feature in-unit amenities such as granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries.

 

Community amenities include two resort-style pools, a sun bathing pool and a spa, an e-lounge and executive business center, a movie theater with stadium seating, a 24-hour fitness center, a designated pet area and complimentary coffee café.

 

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 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.

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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 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, visitwww.jll.com.