JMG Realty Buys 210 Units; Lines Up Another 180

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FORT WORTH-Now that the dust has settled on the deal, word is out that JMG Realty Inc. of Atlanta has bought the 210-unit Depot at the edge of the Downtown. The deal stipulates that the 95%-leased asset, bought for $24.67 million, remains as a rental.

JMG made the close with a $20.56-million, five-year loan from Charlotte, NC-based Wachovia Securities LLC in a package arranged by Holliday Fenoglio Fowler LP managing director Susan Hill in Houston. The borrower did an 80% loan to value to take the deed from Cotton Depot Associates LP, which has Dallas-based Carleton Realty Advisors Inc. as its general partner. Affiliate Carleton Residential Properties completed work on the 5.7-acre asset last year; Lincoln Property Co. in Dallas oversaw it until the sale.