Jones Lang LaSalle closes sale of West End Class AA apartment complex
NASHVILLE, Tenn., March 6, 2014 -- Listed as a rising market for 2014 in the Urban Land Institute’s “Emerging Trends in Real Estate” report, Nashville continues to flex its muscle. On behalf of The Residential Group, Edge Principal Advisors and Jones Lang LaSalle’s (JLL) Capital Markets experts today announced the sale of West End Village, a recently constructed apartment complex. LaSalle Investment Management purchased the asset.
Managing Directors Derrick Bloom and David Gutting and Senior Vice President Vincent Lefler led the JLL team on the transaction.
“Investors were presented with the rare opportunity to secure a newly constructed core asset in a rising market,” said Lefler. “Job and, in turn, population growth are creating a significant increase in housing demand and West End Village is already more than 50 percent pre-leased, with an astonishing leasing rate of 50+/month.”
Located in Nashville’s West End submarket, the complex is located near five hospitals, numerous employers, two universities and Music Row. It hosts 244 units that feature high ceilings, granite countertops, European-style cabinets, stainless steel appliances and skyline views. Additional amenities include a clubhouse, cyber café, fitness center, resort-style pool with a deck and grill area and a gaming room.
Utilizing a vertically integrated network of related companies, The Residential Group brings together entities and individuals responsible for the acquisition, development, construction, and management of over 30,000 apartments. The primary goal of the company is to create vibrant sustainable communities that are both stimulating home environments for our residents, and quality long term endeavors for our investors and owners. Combining over 60 years of collective apartment experience, our team is qualified and capable of handling all facets of multifamily activity from vision to reality.
Edge Principal Advisors is a multi-strategy real estate investment partnership formed in 2008 by Jeff Walker and Evan Mallah, in partnership with a family office whose principals manage over $5 billion of institutional equity. Well capitalized, without troubled legacy investments and with a flexible long-term approach, Edge believes it is uniquely situated to transact in the current environment. Edge will invest throughout the capital structure, and has dedicated investment programs in multifamily, hospitality, special situations, office and retail. More information can be found by visiting www.edgepe.com.
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 clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.