Marcus & Millichap Closes $37M WI Community Deal
The portfolio comprises two properties, totaling nine buildings and 420 units, both of which present value-add opportunites and are located in high-profile areas in Madison, Wis.
By Roxana Baiceanu
Marcus & Millichap arranged the sale of two value-add communities located in Madison, Wis., River’s Edge and Fordem Towers, which comprise a total of nine buildings and 420 units, traded for $37 million or $88,000 per unit. The company represented the seller, an Illinois-based investor, and procured the buyer, an LLC based in Colorado.
River’s Edge is a community comprising seven three-story buildings at 1614 Fordem Ave., next to Tenney Park on the Yahara River. It was completed in two phases, one in 1974 and the other in 1984, and it currently includes 312 units. The community offers ample off-street parking, as well as an underground heated parking lot, controlled access, two pools and a clubhouse, among other amenities.
The second property, Fordem Towers, was completed in 1982 and consists of two seven-story buildings. Located at 1622-1750 Fordem Ave., the community offers a mix of 108 studio, one-, two- and three-bedroom apartments, of which 27 are under an affordable housing contract. Floorplans range from 390-1,666 square feet.
Both properties are fewer than two miles from the University of Wisconsin–Madison and the state capitol. They offer convenient access to interstates 90 and 94, as well as to entertainment venues such as Fiore Shopping Center, Filene Park and Dane County Regional Airport.
Senior Managing Director Matthew Whiteside led the sale negotiations, marking yet another Midwest multifamily transaction for Marcus & Millichap in the Midwest.
Images courtesy of Yardi Matrix