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News release

Washington, D.C.

Investors Find Worth in Washington, D.C. Value-Add Multifamily Asset

JLL completes $49 million sale of Fort Chaplin Park


​WASHINGTON, D.C., Dec. 14, 2016 – Affordability isn't important solely to multifamily renters: investors are also exploring assets offering affordable rents. On behalf of E&G Group, JLL's Capital Markets experts announced the firm has completed the sale of Fort Chaplin Park, a 549-unit multifamily asset located in Washington, D.C. Standard Property Company purchased the asset for $49 million. The property currently operates under the Low Income Housing Tax Credit (LIHTC) program.

Fort Chaplin Park.jpgManaging Director Christine Espenshade and Executive Vice President Robert Garrish led the JLL team on the transaction.

"Proximity to transit and employers continues to be a major draw for multifamily investors," said Espenshade. "In addition, Fort Chaplin Park's LIHTC status and consistent ownership presents the opportunity to secure additional tax credits for acquisition and additional renovation."

Fort Chaplin Park is located near the city's public transit system and freeways, providing direct access to downtown Washington, D.C. and other major employment hubs. Amenities include an Olympic size swimming pool, clubhouse and walk-in closets. 

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.  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.