SEATTLE, Nov. 21, 2016 – Investors seeking yield in the multifamily sector are increasingly exploring value-add opportunities beyond the urban core. On behalf of a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, JLL’s Capital Markets experts today announced the firm closed the sale of Arcadia Townhomes, a 309-unit multifamily asset located in Federal Way, Washington, between Seattle and Tacoma. Priderock purchased the asset for $68.5 million.
Managing Directors David Young and Corey Marx led the JLL team on the transaction.
“Rental rates continue to grow at an exceptional rate throughout Puget Sound and investors are casting a wider net to find multifamily assets that deliver value,” said Young. “Arcadia Townhomes presented the opportunity to acquire an asset with true value-add potential in a more affordable submarket with strong fundamentals.”
Arcadia Townhomes is centrally located within the Puget Sound region’s major employment hubs. The asset is comprised almost entirely of townhomes (95 percent) and all units are larger than 1,000 square feet. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool and hot tub and biking and walking paths.
JLL 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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.