JLL Capital Markets announced that it has closed the $40.8 million sale and arranged the $29.81 million acquisition financing for Stonewood Village, a 272-home, value-add, garden-style multihousing community in Madison, Wisconsin.
JLL represented the seller, Stonewood UI, LLC, an affiliate of Banner Real Estate Group. Axiom Properties acquired the asset. Working on behalf of the new owner, JLL secured the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Stonewood Village features one- and two-bedroom units with an average size of 1,004 square feet. The units currently feature spacious floorplans, in-demand private entries, patios or balconies,
washers and dryers and dishwashers in every unit. Community amenities include a playground, tennis courts, a leasing office, a maintenance garage and a pool. The property has opportunity for both a programmatic interior renovation plan and an enhancement to the existing community amenity package.
Situated at 302 Parkwood Ln. and adjacent to the Hiestand Park, Stonewood Village is ideally located less than a 15-minute drive to Downtown Madison and easily accessible to Interstates 90 and 94, Highways 30 and 51, the Dane County Regional Airport and abundant retail. The property has access to top tier employment, including UW Health, State Capitol building, American Family Insurance, WPS Health Insurance, MATC and East Madison Hospital. The community is also proximate to the world-class University of Wisconsin, which boasts 45,000 students and Big Ten Division I athletics.
“This was a fantastic opportunity to work with two very important clients on a deal in an excellent location,” Kirby said. “Madison as a market has experienced extraordinary rent growth, which was reflected in Stonewood’s operations. The property is well-positioned for future renovation upside.”
The JLL Capital Markets Investment Advisory team was led by Senior Director Wick Kirby, Director Amanda Friant and Senior Managing Director Jamie Fink. The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Matthew Schoenfeldt and Associate Medina Spiodic.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.