Newmark secured a $61.7 million Freddie Mac loan on behalf of Civicap Partners to purchase the Metro Midtown, a 419-unit luxury community in downtown Houston. A partnership of AllianceBernstein and Merion Realty Partners sold the asset after eight years of ownership.

The community is located at 2350 Bagby St., in proximity of the Metro Rail, connecting the property to several shopping, dining and entertainment options. The controlled-access property features one-, two- and three-bedroom floorplans, ranging from 691 to 1,378 square feet.

The three-story asset spans roughly 5 acres across 16 buildings dating back to 1998. Common-area amenities include a fitness center, a cyber lounge, a business center, two pools, grilling stations and picnic areas. Apartments have stainless steel appliances, walk-in closets, in-unit washers and dryers, fireplaces, as well as patios or balconies in every unit.

Civicap says it looks for low and middle income multifamily housing for rent, in Texas and Southern US cities, in markets with strong demand and shrinking supplies.