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JLL Not Done Growing Multifamily Platform Out West

After Announcing 14 New Hires in Phoenix, Denver and Seattle Last Week, JLL Expected to Make Southern California Push
May 7, 2018
JLL is moving aggressively to expand its Western states multifamily brokerage platform.

Last week, the firm announced the first results of that initiative with the hiring of 14 investment sales and debt specialists in Denver, Phoenix and Seattle. And the brokerage says it’s hunting for similar talent in California.

The push comes at perhaps an unlikely time - almost 10 years into the economic expansion and recovery that has driven the apartment market to record heights of sales. Many prognosticators expect a long-overdue cooling-off in the next year - with the prospect of declining sales assignments after the recent flurry of acquisitions by investors.

But Brian Ranallo, an international director for JLL who is spearheading the western expansion, said JLL is thinking long term.

"If we hire the right [people], we feel like they’ll be busy and productive in any market," said Ranallo. "When you have a down-market, some people get flushed out, but some are just fine. We try not to time the market."

The recent hiring push is also intended to expand in markets where it feels it has been under-represented.

"For a global brand, JLL doesn’t have its share of the market (in multifamily), it should," Ranallo added. "We think we can double our market share no matter what the market does."

The hires announced last week should help close in on that goal.

Most prominently, JLL hired investment sales pros David Martin, Mike Grippi and Pam Koster, formerly with Moran & Co. in Denver. Martin was Moran’s Western states president, the Chicago-based super boutique that specializes in sales assignments of large, big-dollar apartment properties. Three additional Moran support staffers are also joining JLL as part of Martin’s team.

The hires last week also include debt teams in Seattle and Phoenix. Brandon Harrington and Matt Steffen are Fannie Mae and Freddie Mac debt placement pros who moved from Walker & Dunlop’s Phoenix office to JLL.

In Seattle, Jim Schneider, Madeleine Roach and William Roach of Centennial Mortgage also signed onto JLL as loan specialists.

Next, Ranallo said the brokerage will turn its attention to Los Angeles. And with their extensive networks, Martin and the other new hires are expected to play a role in recruiting the new talent, Ranallo said.

John Doherty, Multifamily Reporter  CoStar Group   
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