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News release

Washington

Jones Lang LaSalle Markets Suburban Washington D.C. Multifamily Asset for Federal Capital Partners

Grove Park apartment community offers 684 units; significant discount to replacement cost


WASHINGTON, D.C., April 13, 2010 — Less than a week after joining Jones Lang LaSalle, the firm’s newest multifamily investment sales practitioners Al Cissel and Scott Melnick have entered the market with a major multifamily offering in suburban Washington, D.C.  Angelo Gordon and his joint venture partner Federal Capital Partners have enlisted the firm to market the Grove Park apartment community, a 684-unit multifamily offering in Gaithersburg, Maryland.

Scott Melnick and Al Cissel, managing directors of the firm’s multifamily investment sales business are leading the Jones Lang LaSalle team on this offering.

“The Grove Park apartment complex is a well-located, income-producing asset that is sure to appeal to a wide scope of potential investors,” said Melnick.  “Federal Capital Partners has made numerous renovations to the property, which is being offered at a significant discount to replacement cost.”

Grove Park offers 684 garden-style apartment units and sits on a 40-acre site strategically located at the corner of Quince Orchard and Clopper Road.  It offers easy access to both I-270 and Route 355 as well as a metro and MARC station.  The apartment community offers one bedrooms, one bedrooms and dens, two bedrooms, two bedrooms and dens, as well as three bedroom units.  The facility offers a new clubhouse which features a state-of-the-art fitness center and great room for residential usage, as well as a swimming pool and ample parking.  The complex is currently 95 percent leased. 

About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
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