Dougherty Mortgage, which recently originated a $7.3 million Fannie Mae loan for a Dallas community, has closed an $8.3 million Fannie Mae loan for the acquisition of the Sunrise portfolio, located in Lawrence, Kan.
The portfolio consists of two market-rate communities, the 64-unit Sunrise Village and the 68-unit Sunrise Place. Dougherty Mortgage arranged the 12-year term, 30-year amortization loan utilizing Green Rewards, for MJP Property Group and Sky Castle Properties. According to Yardi Matrix data, the two assets last traded in 2003, for the total amount of $6.8 million.
Completed in 1986, Sunrise Village encompasses 44 three-bedroom and 20 four-bedroom units across 17 buildings. Located at 660 Gateway Court, the asset has major street exposure, with a bus stop just outside of the community. Dining, retail and entertainment venues are close by, including Westridge Shopping Center, which is located one mile away. Common-area amenities include a tennis court, swimming pool and 130 parking spaces.
Sunrise Place offers 68 two-bedroom units averaging 889 square feet. The asset is located at 837 Michigan St., within 2 miles of University of Kansas. Completed in 1983, the property includes common-area amenities such as a swimming pool, laundry facilities and 119 parking spaces.
Both properties had a 100 percent occupancy rate at the time of the transaction.
Images courtesy of Yardi Matrix