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News release


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.

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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.  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