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News release

Houston, TX

JLL completes sale of Galveston multifamily asset


HOUSTON, Nov. 1, 2017 – JLL's Capital Markets experts today announced the sale of Driftwood Apartments, a 238-unit multifamily community at 7019 Lasker Drive in Galveston, Texas. Gulf Coast Kington Properties purchased the asset from M - DW, LP.

Managing Directors Chip Nash and Greg Austin and Vice President Bob Heard handled the transaction.

"Driftwood Apartments provides the buyer a great opportunity to capitalize on the growth across the Houston-Galveston region," said Nash. "This property offers a reliable value-add opportunity due to the integrity of the physical structure, desirable location and room to increase rents."

Driftwood is a garden-style apartment complex composed of 15 buildings. The property offers one and two-bedroom units that include fully-equipped kitchens, faux wood floors, ceiling fans, washer and dryer connections, walk-in closets, and private patios and balconies.

Located less than two miles south of Interstate 45, the property is one block from Galveston's seawall and is close to shopping and entertainment at Pleasure Pier and Galveston's Historic Strand District.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The company's team of over 200 professionals provides comprehensive investment sales and dispositions services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, 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 content including videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

 

                                                      

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 $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 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 jll.com.