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| La Palma Apartments, Phoenix, AZ |
PHOENIX, AZ, Dec. 5, 2012 – Jones Lang LaSalle’s Capital
Markets experts today announced the firm has closed the sale of La Palma
in Phoenix on behalf of LAP LLC of Orange County, California.
Purchased for $30.1
million by Seattle-based Weidner Investment Services, the 548-unit apartment
complex further cements the local market presence of Jones Lang LaSalle’s new
multifamily investment sales practice, created when Executive Vice President John
Cunningham joined the firm in fall of 2011.
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| John Cunningham |
Cunningham and Vice President Charles Steele led the
Jones Lang LaSalle team on this transaction, with assistance from San
Diego-based Executive Vice Presidents Darcy Miramontes and Diane
Miramontes and Vice President Kip Malo.
“Phoenix has a
resiliency that investors trust to grow value,” said Cunningham. “The new
owners of La Palma have an excellent opportunity to improve and reposition the
asset in a very strong Phoenix marketplace.”
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| Diane Miramontes |
According to Cunningham, Phoenix rental rates were up
considerably at the end of the second quarter, reaching an average $774 per
month compared to an average $754 in the first quarter of the year. Vacancy has simultaneously decreased,
falling from 9.8 percent in fourth quarter 2011 to 8.6 percent by mid-2012.
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| Darcy Miramontes |
“That attracts investor dollars, and has ranked Phoenix
third in the nation for total transaction volume,” said Cunningham, noting that
by August, total transaction velocity in Phoenix already had surpassed its 2011
total volume of $1.49 billion.
The 548-unit La Palma, located on West Bell Road near 7th
Avenue, is approximately 90 percent occupied. It includes two- and three-story
buildings with one-, two- and three-bedroom units ranging from approximately
720 to 1,444 square feet. The 1984-built property sits on 27.6 acres on a major
metro arterial. Amenities include two large clubhouses, four swimming pools and
multiple sports courts.
For a complete copy of the company’s news release, please
contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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