Chicago-based Jones Lang LaSalle has announced its acquisition of The Apartment Group Ltd., a Dallas-based multifamily brokerage firm.
According to the company, the acquisition will enable Jones Lang LaSalle to ‘nimbly respond to increased client demand in the Dallas-Fort Worth metro area caused by rising employment, tightening occupancies and a near-tripling in the apartment construction pipeline.’ The terms of the transaction were not released.Â
The Apartment Group's founder and president, Jeff Price, will join Jones Lang LaSalle as a managing director and lead the team, as well as the firm's overall multifamily platform in Texas. Price will partner with Jubeen Vaghefi, international director and leader of the multifamily investment sales business, to expand the firm's nationwide multifamily coverage.Â
‘The addition of The Apartment Group further enhances our strategic growth plan to become the leading capital markets provider in the commercial real estate business,’ says Jay Koster, president of Jones Lang LaSalle's Americas Capital Markets.