Axiom Properties has acquired a 272-unit value-add multifamily community, Stonewood Village, in Madison, Wis. JLL Capital Markets brokered the $40.8 million transaction and arranged the financing, securing a 10-year, fixed-rate Fannie Mae loan of $29.8 million. The seller was Stonewood UI, an affiliate of Banner Real Estate Group.
Stonewood Village last traded in 2008, when Banner bought the community for $7.2 million from Munz Corp., according to Yardi Matrix data. In 2016, the property became subject to an interest-only CMBS loan of $16.5 million, originated by HFF, the same source shows.
Completed in 1983, the community encompasses 34 two-story buildings with one- and two-bedroom units ranging from 840 to 1,027 square feet. Common-area amenities include a tennis court, maintenance garage, leasing office, playground and swimming pool. In-unit amenities consist of private patios or balconies, dishwashers and washers and dryers.
Located at 302 Parkwood Lane, Stonewood Village is near the intersection of highways 30 and 51 and provides easy access to interstates 94 and 90. There are many dining options, retail spaces and entertainment venues in the proximity, as well as green areas such as Hiestand Park, Starkweather Park and Sycamore Park. Health-care facilities UW Health Union Corners Clinic and UW Health East Madison Hospital are within a 6-mile radius. University of Wisconsin and downtown Madison are only a 15-minute drive away.
The garden-style property offers an opportunity for improving the community amenities, as well as adopting an interior renovation plan. JLL recently brokered a $200 million transaction for a 408-unit luxury multifamily community in Westchester County, N.Y.