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News release

Washington

Jones Lang LaSalle Markets $50 Million in Suburban Washington, D.C. Multifamily Properties

Hampton Hollow offers 240 units; Kendalwood offers 140 units


WASHINGTON, D.C., May 29, 2010 — Jones Lang LaSalle’s Mid-Atlantic Multifamily Group is out in the market yet again with two more multifamily properties valued at $50+ million in suburban Washington, D.C.  Fairfield Properties, LP and its related entities have enlisted the services of Al Cissel and Scott Melnick to market a 240-unit garden apartment community called Hampton Hollow in Silver Spring, Maryland.  The newly renovated property is expected to fetch in excess of $35 million.  In addition, Principal Life has secured the firm’s services to market a 140-unit garden apartment community called Kendalwood in Fredericksburg, Virginia.  That property is expected to fetch in excess of $15 million.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Scott Melnick and Al Cissel and Senior Vice President Todd Weinstein.

“There is little doubt that the Washington, D.C. region is unparalleled when it comes to investor interest in multifamily offerings.  With an extremely strong economy and projected job growth, it is the nation’s premier apartment market,” said Cissel.  “Hampton Hollow represents a superb opportunity to acquire a stable, well located rental asset—one that’s well positioned to realize increasing revenue by capitalizing on renter demand for quality, newly renovated product.”

Added Melnick, “Kendalwood offers an irreplaceable location with great proximity to major retail and employment centers.  Its operational stability makes it an exceptional investment opportunity for a myriad of investors.”

Originally constructed in 1987, Hampton Hollow has been substantially renovated from 2006-2008.  Renovations included complete kitchen and bathroom upgrades, a fully remodelled clubhouse, new roofs, balcony railings, etc.  The property has one bedrooms and one bath, two bedrooms and one bath, and two bedrooms and two baths.  Amenities include a clubhouse, custom-designed swimming pool, athletic center with training circuit, and washer/dryers in all units.  The property offers an outstanding location along Montgomery County’s Route 29 corridor, within minutes of I-95 and the Capital Beltway.  This Northern Silver Spring submarket remains supply constrained with no new apartment communities planned in the submarket.  Increased renter demand has driven rental rates
higher while maintaining an overall vacancy rate of 4.8 percent.  All offers on the property are due May 10th, 2010.

Kendalwood is located at 214 Kings Mill Court along the I-95 corridor in Spotsylvania County, just three miles from the Virginia Railway Express.  The property offers one bedroom and one baths, and two bedrooms and two baths.  Amenities include newly renovated apartments with brand new kitchens, a swimming pool, tennis court, athletic center and clubhouse. 
 
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 2009 global revenue of $2.5 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 1.6 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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.