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News release

Richmond, VA

Jones Lang LaSalle Closes Sale of Two Student Housing Buildings in Virginia for ING Real Estate 

Kayne Anderson Real Estate Partners purchases properties on Virginia Commonwealth University campus for $19.3 Million


RICHMOND, VA, Feb. 25, 2009 — Jones Lang LaSalle announced today that it has closed the sale of a pair of student housing buildings on the Virginia Commonwealth University campus in Richmond, Virginia, for ING Real Estate.  Kanye Anderson Real Estate Partners has purchased the property known as RAMZ Hall, located at 933 West Broad Street, and the property known as Capital Garage, located at 1301 West Broad Street, for a combined $19.3 million.
 
Leading the Jones Lang LaSalle multifamily investment sales team on this transaction was Managing Directors Alex Quintana, Jeff Morris and Jubeen Vaghefi, along with Vice President Javier Rivera.
 
“When these assets went out in the market last summer, the debt markets were challenging, to say the least,” said Mr. Quintana.  “However, the close proximity of the two assets, along with a compelling collection of restaurants and retail in the mix made these properties extremely appealing.  That, combined with the fact that both properties offered compelling, assumable debt was a key factor in attracting a wide variety of investors."
 
RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments, located just two blocks from Capital Garage.  The ground floor has over 15,000 square feet of retail, which is 100 percent occupied with popular retail and restaurant tenants.  The property’s residential component is 100 percent master-leased by VCU through the 2009-2010 school year.  RAMZ Hall includes amenities such as a lounge with television on each floor, vending machines, laundry facilities on each floor, and 73 on-site parking spaces. 
 
Capital Garage is comprised of 36 loft-style units, located across the street from the VCU Stuart C. Siegel Center (sports and concert arena) and the VCU Sports Medicine building, one block from the VCU Bookstore, close to the VCU Fine Arts Complex, and walking distance to all of VCU’s campus.  The Capital Garage includes amenities such as a fitness center, controlled access to the building, a 21-space ground-level gated parking garage, and large, industrial-style windows throughout. 
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product.  The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
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 1.3 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 $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.