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News release

Federal Way, WA.

Jones Lang LaSalle Markets Cascade Ridge for Sale in Puget Sound

Federal Way apartment community strategically located between Seattle and Tacoma


FEDERAL WAY, WA. Mar. 2, 2011 – Jones Lang LaSalle today announced the firm’s Northwest Multifamily Capital Markets team has been chosen to market Cascade Ridge for sale in Federal Way, Washington.  The 518-unit offering is one of the largest apartment communities in Puget Sound, strategically located between Seattle and Tacoma.  The property is expected to fetch $65 million.

Leading the Jones Lang LaSalle team on this transaction are Managing Director David Young and Vice Presidents Seth Heikkila and Corey Marx.

“An uptick in rental rates and a steady decline in vacancy rates in this region will make this property extremely appealing to a number of investors,” said Young.  “Significant upgrades of more than $3 million have also been made to the property in the past few years, making it a true first-class asset.”

Built in 1989/1991 and renovated in 2007/2008, Cascade Ridge consists of 48 two- and three-story apartment buildings.  The property is located at 1900 SW Campus Drive in the West Campus section of Federal Way and is easily accessible to I-5, SR 167 and Highway 99.

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 2010 alone, Jones Lang LaSalle Capital Markets completed an unaudited total of more than $41 billion in investment transactions and debt and equity globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Our Capital Markets team comprises approximately 800 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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
 
 
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