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News release

Washington, D.C.

Jones Lang LaSalle Arranges Sale of $460 Million Multifamily Portfolio to a Joint Venture of Pantzer Properties, Inc and Dune Real Estate in Washington, D.C. Metro


WASHINGTON, D.C., Mar. 7, 2011 – Jones Lang LaSalle today announced the firm’s Mid-Atlantic Multifamily Capital Markets team has closed the sale of a 2,580-unit multifamily portfolio in suburban Washington, D.C. to a 50/50 joint venture of Pantzer Properties, Inc. and Dune Real Estate.  The $460 million sale is the largest multifamily transaction in the country, outside of New York, since 2008.  The eight properties, originally assembled by the former Town & Country REIT, will be managed by Pantzer Properties’ management division, Panco Management, under their brand name known as “The Point.”

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Al Cissel and Scott Melnick.

“This excellent portfolio is well located within five separate jurisdictions in the Washington, D.C. Metro area, allowing the new owners to immediately establish a significant presence in the nation’s strongest multifamily market,” said Melnick.

Added Cissel, “Strong market fundamentals will allow the buyers to capitalize on significant rent growth in the future given the lagging construction pipeline in the region and the opportunity to generate increased revenue from continued upgrades to the properties.”

The eight properties included in the sale are:

• Barton’s Crossing in Alexandria, Virginia.  Built in 1990, this property has 532 units.
• Carlyle Station in Manasass, Virginia.  Built in 1986, this property has 408 units.
 
• Glen at Leesburg in Leesburg, Virginia.  Also built in 1986, this property has 134 units.

• Lionsgate in Herndon, Virginia.  Built in 2000, this property has 328 units.

• Village at McNair Farms in Herndon, Virginia.  Built in 1991, this property has 283 units.

• University Heights in Ashburn, Virginia.  Built in 1991, this property has 467 units.

• Fox Run in Germantown, Maryland.  Built in 1990, this property has 218 units.
 
• Watkins Station in Gaithersburg, Maryland.  Built in 1975, this property has 210 units. 
 
The properties offer modern floorplans and amenities such as swimming pools, 24-hour fitness centers, cyber cafes, sport courts and multifunctional club rooms.  The average unit is 907 square feet, and the properties have had more than $15 million in renovations to them over the past four years including roofs, common area and in-unit improvements.

In 2010, Jones Lang LaSalle’s award-winning D.C. Capital Markets team closed 49 transactions totaling $2.4 billion in sales and recapitalizations, including the recent record price of $900 per square foot for 1225 Connecticut Avenue, NW in Washington, DC.  Already in 2011, the team has closed six transactions totaling $761 million.  The firm's Investment Sales leaders Collins Ege and John Kevill also received Jones Lang LaSalle's prestigious MVP award for Investor Services, which recognizes the firm's top sales producers from three categories. This team ranks as a top-performing sales duo in the country.

About Pantzer Properties, Inc.

Headquartered in New York City, Pantzer Properties, Inc. is a fully integrated owner / operator of investment properties.  Since its inception in 1971, Pantzer Properties, Inc. has been involved in more than $4 billion of real estate transactions inclusive of acquisitions, dispositions and refinancings across a variety of sectors.  Panco Strategic Real Estate Funds pursue an opportunistic and diverse real estate investment strategy in the United States.  The funds focus primarily, but not exclusively, on the multifamily sector investing in direct real estate opportunities, strategic debt instruments and products, and other real estate related ventures.

About Dune Real Estate Funds 

The Dune Real Estate Funds were launched in 2005 to make opportunistic investments in a broad range of real estate-related assets, portfolios, joint ventures and operating companies worldwide.  The funds, which are managed by Dune Real Estate Partners LP, have over $1.5 billion under management and generally target distressed opportunities, underperforming and undervalued assets and portfolios, and value creation opportunities.

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 $43 billion in investment sale and debt and equity transactions 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 185 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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