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News release

Houston

Jones Lang LaSalle Brings San Paloma Luxury Apartment Community to Market in Houston


HOUSTON, Nov. 22, 2010–Jones Lang LaSalle today announced the firm’s capital markets experts have been retained by Investment Realty Holdings, LLC. to market for sale the San Paloma, a 372-unit luxury apartment community in Houston, Texas.
 
Leading the Jones Lang LaSalle team on this transaction are Managing Directors Greg Austin and Chip Nash. The firm’s Texas multifamily specialists have closed more than 130,000 units through brokerage, acquisitions and financings in the last 20 years.
 
“This is a very well positioned asset coming to market at a time where there is a wall of capital in search of prime investment opportunities and this is one of the finest,” said Austin. “There is minimal new multifamily construction in the market which raises competition for prime assets. The property is a three-story community, consisting of 13 buildings (including a clubhouse) offers an impressive interior finish-out and amenity package which distinguishes itself from its competition. San Paloma also benefits from its adjacency to the Energy Corridor employment center and maintains stabilized occupancy levels year after year. We expect there to strong competition from investors for this asset.”
 
The San Paloma community was built in 2006 and originally developed by reputable developer Sueba USA. It is a Class A property located on 13.85 acres site in West Houston, and situated along Eldridge Parkway between Memorial Drive and Briar Forest Drive.  It is located just minutes from Interstate 10 (I-10) and the Sam Houston Tollway or Outer Loop, is one of The Energy Corridor’s newest premier developments. The property is 93 percent occupied.
 
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 $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.