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News release

PHOENIX

JLL completes sale of 1221 Broadway


JLL's Capital Markets experts announced the firm completed the sale of 1221 Broadway a 194-unit luxury multifamily asset in Tempe, Arizona. JLL represented the sellers, Trinsic Residential Company and CNL Growth Properties. Brass Enterprises purchased the garden-style apartment community.

Executive Vice Presidents John Cunningham and Charles Steele led the JLL team on the sale.

"This is the only traditional garden-style community between Tempe Town Lake and US Route 60 that has been built this cycle," said Steele. "We saw a lot of investor demand because they recognized the opportunity to buy a high-end asset that is less dense and compact than what is currently being delivered in this market. This was Brass Enterprises' first purchase in the market, which shows the wide investor appeal Tempe's multifamily market has."

The community is surrounded by several major corporate developments. North Tempe is home to nearly 12 million square feet of office space, along with the campus of Arizona State University, which has an enrollment of nearly 52,000 students. The property is also encircled by four major freeways and a nearby METRO Light Rail station.

Units are studio, one-, two- and three-bedroom with features such as granite countertops, tile backsplashes and stainless steel appliances. Community amenities include a fitness center, a resort-style swimming pool, two outdoor kitchens with gas grills, outdoor televisions and speaker systems, and a fireplace.

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.

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.

About Trinsic Residential

Trinsic Residential Group is a privately-owned company focused on the development and acquisition of multifamily real estate in the Southwest, South Florida, and Pacific Northwest regions. Since its inception in 2011, Trinsic has developed or currently has under construction more than 5,500 units totaling a capitalization of over $850 million. For more information, visit trinsicresidential.com.

About CNL Growth Properties

CNL Growth Properties, Inc. is a non-traded real estate investment trust (REIT) strategically designed for growth. The REIT seeks commercial real estate investment opportunities in growth-oriented markets with a focus on multifamily development. For more information, visit cnlgrowthproperties.com.

About Brass Enterprises Inc.

Brass Enterprises Inc. is a Toronto-based privately held real estate investment company focused exclusively on investment in multifamily residential properties. Their primary focus has been on Class A properties in the US sunbelt. For more information, visit brassenterprises.com.

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 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.