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News release

LAS VEGAS

Luxury Amenities Drive Sale of Las Vegas Multifamily Asset

JLL completes $51.5 million sale of Loft 5


LAS VEGAS, Dec. 7, 2016 – Las Vegas' housing market continues to draw investors as economic growth fuels demand, according to JLL Research. On behalf of DK Loft 5 LLC, JLL's Capital Markets experts today announced the firm completed the sale of the Loft 5, a 241-unit luxury multifamily asset in Las Vegas. Steppe Bros. Loft 5 LLC purchased the building for $51.5 million.  

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

"Loft 5 presented an opportunity to capture two different segments of the improving Las Vegas housing market: the rental and the sales market," said Cunningham. "This is a truly unique asset that includes luxury finishes and a sought-after lifestyle, positioning this asset to capture the continued growth of Las Vegas' residential market." 

Located off Interstate 15 just ten minutes from the Las Vegas Strip, Loft 5 offers residents access to 15 of the world's 25 largest hotels and other attractions that drew more than 42 million visitors to the city last year.  

Loft 5 provides residents with luxury community amenities such as four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center and steam room and a club lounge. In-unit amenities include 12 or 20-foot ceilings, natural stone countertops, designer cabinets, bamboo hardwood flooring, washer and dryer, kitchen islands with a gas range, and built-in Sub-Zero refrigerators. All units also include private balconies or terraces.

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.

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.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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.