PHOENIX,AZ, Nov. 22, 2011 – In response to a surge in multifamily transactions and client demand not seen in greater Phoenix for years, Jones Lang LaSalle’s Capital Markets group has hired leading apartment expert John Cunningham (top right photo) to establish and expand the multifamily investment sales practice in Phoenix and throughout the region.
Cunningham joins the firm as an Executive Vice President and will lead Jones Lang LaSalle’s Phoenix growth strategy under the direction of Managing Director David Young (middle left photo), head of the firm’s West Coast multifamily investment sales practice.
“As the economy continues to stabilize, rents are steadily rising in Phoenix, making multifamily increasingly attractive to investors,” said Young. “John has invested more than 25 years in the Phoenix market, a majority of which has been spent solely focused on multifamily. He is a fantastic addition to our team who will be able to immediately respond to client demands.”
During his more than 25 year career, Cunningham has held various leadership positions at several institutional multifamily companies such as Alliance Residential, Camden Property Trust and United Dominion Realty Trust, and has been responsible for the acquisition and sale of more than 10,000 multifamily housing units totalling more than $2 billion. He earned his bachelor’s degree from the University of Arizona.
“Multifamily operations continue to recover from the effects of the recession,” said Cunningham. “In Phoenix, average metro multifamily occupancy levels have stabilized, providing the opportunity to create value through both a capital repositioning and further market recovery. This is spurring increased investment from private and institutional investors alike.”
Cunningham also points to a recovery in multifamily development. “This is particularly true for infill—higher density projects that are expanding Phoenix’s historically suburban, lower-density development inventory,” he said.
According to Jubeen Vaghefi (lower left photo), Managing Director and leader of Jones Lang LaSalle’s national multifamily investment sales team, Phoenix is a key part of the firm’s expansion strategy. “We continue to round out our multifamily expertise in target markets across the country,” said Vaghefi. “Bringing John in to steer our apartment expertise in this growing region is key to our growth plan.”
In the past few months, the Phoenix office has completed several strategic hires that respond to client demand and grow the firm’s local presence.
“This is an important time for Jones Lang LaSalle in Phoenix,” said Dennis Desmond middle right photo) , Managing Director and the company’s Phoenix Market Director. “We recently hired Mark Bauer to our Data Center Solutions team and now welcome John at a perfect time to manage apartment investment sales—an area where we expect to see significant increase in the remainder of 2011 and beyond.”
For further information, please visit our website, http://www.joneslanglasalle.com./
Contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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