After recently selling Chapel Ridge, an 88-unit market-rate community in Hot Springs, Ark., back in June, Maxus Realty Trust Inc. has sold Mallard Creek Apartments, a multifamily community in Horn Lake, Miss., to WI Memphis LLC. Berkadia arranged the transaction on behalf of the seller. Maxus bought the property in 2015 for $8.2 million.
Located at 7197 Mallard Creek Drive, the property comprises 144 one-, two- and three-bedroom units, ranging from 870 to 1,347 square feet. According to Yardi Matrix, the asset had a 97.9 percent occupancy as of August. Built in 1998, interior features of Mallard Creek include white appliances, washer/dryer hookups, carpeting, large bathrooms with soaking tubs, faux-wood flooring, patio/balconies, vaulted ceilings and walk-in closets. Residents have access to amenities such as a clubhouse, a playground, a swimming pool, outside storage and 300 parking spaces.
Berkadia’s investment sales team of Senior Directors Patrick Jordan, Michael Sullivan and David Oakley, along with Managing Director Alex Blagojevich, represented the seller in the deal.
“Given volatility in the capital markets, demand for long-term, fixed-rate and low-cost financing, such as HUD debt, is on the rise. The buyer pool has grown and has become more competitive for assets with this debt in place particularly in secondary and tertiary markets. WI Memphis saw Mallard Creek as a terrific opportunity to add to their local portfolio, while also taking advantage of the cheap HUD debt to create a solid, low-risk return for their organization,” said Jordan, in a prepared statement.
Image courtesy of Yardi Matrix