Skip Ribbon Commands
Skip to main content

News release

Washington, D.C.

Jones Lang LaSalle Markets $170+ Million East Coast Multifamily Portfolio

Metropolitan Portfolio offers Class A apartment communities in Raleigh, Washington, D.C. and New Haven

WASHINGTON, D.C.  AUG 11, 2010 — Jones Lang LaSalle’s Washington, D.C.-based Multifamily Group has been hired to market a portfolio of multifamily apartment communities along the East Coast for Metropolitan Development LLC.  The three complexes, offering more than 1,000 units, are located in Apex, North Carolina, Camp Springs, MD and New Haven, Connecticut.  The Class A offerings are expected to fetch in excess of $170 million and can be purchased individually or as a portfolio.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Al Cissel, Scott Melnick, and Peter Nicoletti, Senior Vice President Todd Weinstein, and Vice Presidents Jorge Rosa and Jean Samayoa.

“All three of these complexes are prime, highly stable multifamily offerings located in communities with solid long-term growth fundamentals,” said Melnick.  “We expect to garner a great deal of interest from a wide range of investors who seek to capitalize on renter demand for quality, luxury product.”

Located in Apex in the heart of North Carolina’s “Research Triangle,” Creekside Hills offers 316 garden-style units featuring luxury amenities including modern kitchens, sunrooms and wood-burning fireplaces.  It offers a mix of one, two and three bedroom units with an average of 1,012 square feet per unit.

Located inside the Beltway in Prince George’s County, MetroPlace at Town Center offers 397 garden-style units featuring upscale amenities and luxurious interiors.  The Branch Avenue Metro Station is across the street from the complex, providing direct subway service to D.C. and major employment centers throughout the suburbs.  MetroPlace offers a mix of one and two bedrooms with an average of 955 square feet per unit.

Wintergreen of Westville is located in Westville, just minutes from downtown New Haven and Yale University.   The urban redevelopment is the first ground-up luxury apartment development in the city in more than 30 years.  It offers 294 residential units in five four-story apartment buildings, with a mix of one, two and three bedroom units.

About Metropolitan Development LLC
Established in 2000, Metropolitan Development LLC is leveraging the design, development, and management expertise of its principals to create the highest quality living environments for its customers. Located in Washington, DC, the company's primary focus is creating residential and mixed-use communities in high barrier-to-entry markets throughout the mid-Atlantic, Northeast and Southeast Regions. By acquiring land for development in areas where value can be added, we are able to gain a strategic advantage in the market through unique development and a renewed sense of place. By concentrating on developing and constructing innovative communities that cater to the demanding lifestyles, careers, and entertainment preferences of each of its residents, we create highly sought-after communities, which maximize project returns. Maintaining flexibility and undertaking proactive efforts, we seek to identify active markets and create strategic plans to design communities. The company performs all acquisition, development, asset management and construction management services for each project in its portfolio. Through experience and innovative management, Metropolitan Development is focused on strategic growth by means of careful planning of its development pipeline and coordinated partnerships, and has quickly become one of the largest mixed-use community developers in the nation.

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. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for its 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. The firm’s 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 $38 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.