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Starkville, Miss. — Wood Partners has sold the 240-unit 21 Apartments in Starkville to McKinney Properties for an undisclosed price.
Starkville, Miss. — Wood Partners has sold the 240-unit 21 Apartments in Starkville to McKinney Properties for an undisclosed price. The private student housing complex, built in 2006, is located near Mississippi State University and was 98 percent leased at the time of sale. Ryan Reid, national student housing director for CBRE, along with Blake Pera of CBRE Memphis, negotiated the sale of the property for Wood Partners. CBRE’s James Tramuto and David Meese provided the debt financing services on behalf of McKinney Properties by securing a 10-year fixed rate loan with 2 years of interest only payments followed by a 30-year amortization schedule through Freddie Mac.
— Randall Shearin