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LAS VEGAS, July 3, 2017 – JLL's Capital Markets experts today announced the company completed the sale of Volaré Apartment Homes, a garden-style 360-unit Class A apartment community in Las Vegas. JLL represented the seller, a joint venture between Fore Property Company, The Strand Corporation and DG Development Corporation. Green Leaf Capital Partners purchased the property.
Executive Vice Presidents John Cunningham and Charles Steele led the JLL team on the sale.
"Investors were drawn by the premier amenities Volaré offers as well as its accessibility to major employment centers," said Cunningham. "Las Vegas continues to see a resurgence in the multifamily market, especially for high-end assets."
Located just off Interstate 15, Volaré is six miles from the Las Vegas Strip. The area is home to a young, educated workforce with an average household income more than 15 percent higher than Metro Las Vegas's. It's also next to Southern Highlands, a 2,750-acre master-planned community.
Volaré includes studio, one-, two- and three-bedroom units. In-unit amenities include wood-plank flooring, fireplaces, storage units, stainless steel appliances, granite countertops and full-size washers and dryers. Community amenities include a restaurant-grade kitchen, two swimming pools, an outdoor lounge patio with a TV and a fireplace, and an outdoor kitchen.
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 $136 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 Fore Property Company
Fore Property Company is a full service real estate company that develops, owns, and manages multifamily communities nationwide. Fore has developed and managed approximately 22,000 apartments, spanning 38 cities, across 17 states.
About The Strand Corporation
The Strand Corporation is an equity partner, owner, and developer in the United States and Canada, based in Vancouver, with regional offices in Georgia, Nevada and northern California.
About DG Development Corporation
DG Development Corporation is a private real estate development and investment corporation established in 2011 in order to capitalize on the unprecedented real estate opportunities in Las Vegas. DG Development Corporation's current portfolio includes a full service casino hotel resort in the heart of the Las Vegas resort corridor, class A rental apartments and an 8.5-acre urban infill hotel & multifamily site immediately adjacent to the Las Vegas Convention Center.
About Green Leaf Capital Partners
Green Leaf Capital Partners is a vertically-integrated real estate investment company based in Northern California that acquires, renovates and manages apartment properties in select markets throughout the Western United States. The company currently owns and operates over 4,000 multifamily units.
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 the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 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 www.jll.com.
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