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News release

AUSTIN, Texas

JLL arranges sale of Austin multifamily community


​JLL's Capital Markets experts today announced the sale of The Park at Monterey Oaks, a garden-style multifamily community in Austin, Texas, on behalf of the seller, Barings Real Estate Advisers acting on behalf of an institutional investor. Northland Investment Corporation purchased the 430-unit, 37-acre property.

Managing Directors Jeff Price and Scott LaMontagne led the JLL team on the transaction.

"We've seen an increased focus on garden-style multifamily product, which accounted for nearly 70 percent of transaction activity through the third quarter," said Price.

Pam Boneham, Managing Director for Barings Real Estate Advisors, added, "The Park at Monterey Oaks was particularly attractive to investors because of its exceptional location as well as the extraordinary green space and low density it offers."

The Park at Monterey Oaks features a dog park, community garden, volleyball court, boat parking, fitness center and a swimming pool with poolside deck and cabana. The community is located near MoPac Expressway and US Highway 290, providing residents with immediate access to major employers, grocery-anchored retail centers and entertainment centers.

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

Barings Real Estate Advisers is part of Barings LLC, one of the world's largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.

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 third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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 ir.jll.com.

About Barings

Barings is a $299+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 650 investment professionals and offices in 16 countries. Learn more, at www.barings.com.

*As at September 30, 2017.

 

About Northland Investment Corporation

Northland Investment Corporation is a privately held real estate company with a core competency in the acquisition, development, management, and long-term ownership of multifamily real estate throughout the United States. Northland currently owns and operates 24,464 units, 2 million square feet of commercial space, and land for the future development of 3,000 units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through the execution of value-add acquisition, development, asset management and property management strategies.