By Jessica Fiur, News Editor
Dallas—Jones Lang LaSalle (JLL), a financial and professional services firm, has announced that it has acquired The Apartment Group Ltd., a Dallas-based multifamily firm. The price was undisclosed.
Jeff Price, The Apartment Group’s founder and president, will join JLL as a managing director in Texas. He has 30 years of experience in commercial real estate, including brokerage, development, asset management, property management and accounting. Price was also named one of Dallas-Fort Worth’s top brokers in D magazine.
“For the last 20-some years, everything about my firm has been based on relationships because those beget business, so when JLL reached out, I quickly realized what a great fit they would be for us,” Prices tells MHN. “Their global platform and our deep client relationships are going to make us a formidable team, and I’m looking forward to quarterbacking this effort in the state of Texas.”
Price will partner with Jubeen Vaghefi, international director and lender of the multifamily investment sales business to expand JLL’s multifamily coverage nationally.
“The addition of Jeff and his team to our Capital Markets platform fills a key need for us in Dallas, as we’ve been searching for the right fit for a long time,” Vaghefi tells MHN. “In the past several years we’ve added market-leading teams in Florida; Washington, D.C.; Atlanta; Boston; New York and New Jersey; Seattle; and Southern California—and Texas is a very strategic market for our efforts. Now we just need some expertise in San Francisco and Chicago and we’ll be ready to offer our clients the most comprehensive multifamily platform in the country.”
In 2011 and 2012, JLL has closed on 190 multifamily sales totaling $4.7 billion. Additionally, JLL financed 100 Freddie Mac-sourced loans, totaling more than $1.9 billion.