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News release


Investors Make Big Splash With Baltimore Multifamily Value-Add Portfolio

JLL completes $247 million sale, secures $207.5 million in acquisition financing

​​​BALTIMORE, March 27, 2017 – On behalf of Norfolk, Virginia-based Harbor Group International, JLL's Capital Markets experts today announced the firm completed the sale of a portfolio of value-add apartment communities in Baltimore County, Maryland.

BaltimoreCountyValue-AddPortfolio.jpgKing of Prussia, Pennsylvania-based Morgan Properties purchased the six-building, 1,979-unit portfolio for $247 million. JLL also provided the buyer with $207.5 million in permanent acquisition financing through its relationship with Freddie Mac as an Approved Conventional lender.

"This portfolio acquisition solidifies Morgan Properties as one of the nation's largest and fastest-growing multifamily owners and operators," said Jonathan Morgan, President of Morgan Properties JV. "We are excited to expand our geographic footprint in the Mid-Atlantic Region and implement our value-add strategy."

The portfolio includes Crosswinds at Rolling Road, Diamond Ridge, The Glens at Rolling Road, Granite Run, Rolling Wind and Stratton Meadows, all value-add apartment communities in the Milford Mill submarket in suburban Baltimore.

Managing Director Christine Espenshade and Executive Vice President Robert Garrish led the JLL team on the sale. Executive Vice President Shawn McDonald and Vice President Anthony Hebenstreit led the firm's financing team.

"This was a rare chance for an investor to buy highly sought-after multifamily units as part of a large portfolio," said Espenshade. "With no new apartment communities planned for the area, and significant growth in the employment base, Morgan Properties could create a lot of value through a capital improvements program."

Added McDonald, "This was an excellent lending opportunity. Morgan Properties is an experienced sponsor with a great track record of generating value in their investments."

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit