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News release


Global Institutional Investor Looks to Virginia for Value-Add Play

JLL completes sale of Bell Great Ridge

WASHINGTON, D.C., April 12​, 2017 – On behalf of Bell Partners, JLL’s Capital Markets​ experts completed the sale of Bell Great Ridge, a 192-unit garden-style apartment community. TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), purchased the community that’s located in Chesapeake, Virginia.

Bell Great Bridge.jpgManaging Director Christine Espenshade and Executive Vice Presidents Robert Garrish and Shawn McDonald led the JLL team on the sale.

"Investors want to capitalize on regions with strong job growth tied to stable industries, which is the case in the Hampton Roads region," said Espenshade. "Properties that offer the chance to make capital improvements are especially popular right now. New owners can add value relatively inexpensively and it's faster than constructing a new building, all of which equals higher rents."

Located just off Route 168, Bell Great Bridge allows residents to access Interstates 64, 464 and 254, which all connect to the surrounding urban metros and major employment hubs. The community also benefits from the Hampton Roads region's tourism industry, which accounts for 22 percent of businesses in the area.

"These acquisitions are consistent with one of our main multifamily investment strategies of acquiring quality communities with value-add potential in stable markets with positive long-term fundamentals," said Jay Martha, Managing Director, TH Real Estate. "Throughout our 20-year track record in workforce housing, we've successfully invested throughout all points in the investment cycle, and believe that current economic and demographic trends will continue to provide opportunities for multifamily investing that may result in strong performance for our investors."

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 2016 alone, JLL Capital Markets completed $145 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 TH Real Estate

TH Real Estate, an investment affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $97bn in AUM (as of December 31, 2016). Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the firm provides access to every aspect of real estate investing. With offices in 20 cities throughout the US, Europe and Asia Pacific, over 500 professionals and 70 years of investing experience, the platform offers deep local expertise coupled with a sophisticated global perspective.  TH Real Estate's investment, asset management and corporate strategies grow from a deep understanding of the structural trends that will shape the future of real estate and responsible investing beyond market cycles. This 'Tomorrow's World' approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society.

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