Saddlebrook at Tates Creek, a 181-unit property in Lexington, Ky., has changed hands. Hunt Real Estate Capital provided a $13.1 million Fannie Mae DUS conventional multifamily loan to Engel Realty Co. to finance the acquisition. According to Yardi Matrix data, PRG Real Estate is the former owner of the garden-style community.
Located at 3543 Tates Creek Road, Saddlebrook at Tates Creek is 4 miles south of the city’s central business district and roughly 3 miles south of Albert B. Chandler Hospital, a major employer in the area. The University of Kentucky and Bluegrass Community & Technical College are also close to the 17-building asset that features one- and two-bedroom units. Amenities include:
- fitness center
- community room
- swimming pool
- 254 parking spaces
- 3-acre fishing lake
Built in 1978, the property has recently undergone capital improvements that included the renovation of 14 units, HVAC replacements, concrete, fencing and roof replacements as well as patio wood repairs. The borrower plans to renovate the remaining units.
At the end of last year, Hunt Real Estate also secured a loan for the acquisition and renovation of Royal Orleans, a 134-unit community in Dallas. WindMass Capital sponsored the loan.