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News release

Stamford, Connecticut

Multifamily Portfolios Continue to Command Significant Investor Demand

JLL completes $400 million sale, secures financing for the Gold Coast Multifamily Portfolio


STAMFORD, Conn., Jan. 17, 2017 – On behalf of Building and Land Technology, JLL's Capital Markets experts today announced the firm completed the $400 million sale of the Gold Coast Portfolio. GAIA Real Estate purchased the five Class A multifamily assets located in Stamford, Connecticut. JLL also secured permanent financing for the properties through Fannie Mae. All five loans carry seven-year terms. ​

International Director Peter Nicoletti, Managing Directors Thomas Walsh and Joseph Garibaldi, and Vice President Mark Kindrachuk led the JLL team on the sale and finance transactions.

"This is a tremendous portfolio comprised of top of the line assets positioned to capitalize on high demand for transit-oriented Class A product," said Walsh. "We anticipate this to be one of the largest apartment portfolio sales of year in the tri-state area outside of New York City."

"The combination of this portfolio's quality and location, along with the deal's exceptional sponsorship drew heavy interest from institutional lenders," added Nicoletti. "We continue to see capital flowing to strong portfolios like this as rent growth in the major metropolitan areas creates demand throughout the tri-state area."

 The five assets were built from 2010 to 2014, and total 1,214 units. All five properties are located in the Harbor Point Submarket, just a 10-minute walk from the Stamford Transportation Center (STC). Rail lines from the STC bring commuters to Manhattan in approximately 40 minutes. 

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 70,000.  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.