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News release

Silver Spring, MD.

Jones Lang LaSalle Closes Sale of Hampton Hollow in Suburban Washington, D.C.

Joint venture of Praedium Group and Fairfield Residential purchases complex for $31M


SILVER SPRING, MD. Mar. 29, 2011 – Jones Lang LaSalle today announced the firm has closed the $31M sale of Hampton Hollow Apartments in Silver Spring, Maryland in suburban Washington, D.C. for a partnership majority owned by Mitsubishi Corporation. The purchaser is a joint venture between Praedium Group and Fairfield Residential.

The marketing team on this transaction was directed by Managing Directors Al Cissel and Scott Melnick, leaders of Jones Lang LaSalle Mid-Atlantic Multifamily. 

“Hampton Hollow is a great asset in a strong multifamily market,” said Cissel.
 
Hampton Hollow is a 240-unit, 176,294-square-foot (735 sf average) apartment complex located at 3408 Hampton Hollow Drive in the Silver Spring submarket.  Originally constructed in 1987 and substantially renovated between 2006 and 2008, the property offers modern amenities such as clubhouse with bar and pantry area, resort-style swimming pool, fitness center, walking paths and picnic area.  Apartment amenities include washers and dryers, fireplaces and private patios or balconies.  

In 2010, Jones Lang LaSalle’s award-winning D.C. Capital Markets team closed 43 transactions totaling $2.5 billion in sales and recapitalizations, including the recent record price of $900 per square foot for 1225 Connecticut Avenue, NW in Washington, DC. 

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 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. Jones Lang LaSalle’s 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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