Private equity firm Northland has acquired Preserve West, a garden-style community in Madison, Wisc. The acquisition marks Northland’s initial foray into the Dairy State, and follows on the heels of another Midwest acquisition in Rochester, Minn., in February.
Formerly known as ReNew 78 West, Preserve West is a 318-unit apartment community featuring one-, two- and three-bedroom residences. It spans 17 two- and three-story buildings, which fill a 20-acre parcel. Each building offers underground parking.
Apartments feature controlled access entries, ceiling fans, garbage disposals, private balconies and patios and, in select homes, vinyl flooring. A community clubhouse including a coffee bar is among the premier amenities of the community.
“We believe in finding value in overlooked markets when others are focused elsewhere,” Mike Campbell, Northland vice president, investments told Multi-Housing News. “We . . . are always looking for ways to expand into new markets. The focus here being Madison. In the Great Lakes region, we’ve identified a few target markets that share similar strengths to our Sunbelt portfolio. In this case, a local economy driven by business-friendly government, a pipeline of educated young professionals and a roster of growing regional employers.”
Preserve West is situated in the West Madison submarket, and is located along the Madison Beltline, a bypass highway that loops the city. The location offers renters convenient access to a number of Madison-area employers, among them American Family Insurance, Spectrum Brands, Epic Systems and the University of Wisconsin.
“We have a long-term investment horizon for all of our acquisitions, vertically integrated teams incentivized by opportunity and outperformance and deep commitment to markets we enter,” Campbell said. “We’ll devote considerable resources to the community and plan to leverage that into additional acquisitions to grow our Madison portfolio and continue providing new opportunities to our team members.”
Residents are within walking distance of area shopping and restaurant alternatives. Multiple grocery stores and the West Towne Mall are also reachable on foot. Nearby recreational amenities include parks, golf courses and ice arenas. The North Country National Scenic Trail, Elver Park, UW-Madison Arboretum and Owen Conservation Park are all situated with 3.3 miles of the property. Reflecting Madison’s status as a center of education, a number of institutions of higher learning are located nearby.
The University of Wisconsin Madison is an 11-minute drive away. Edgewood College and Madison Area Technical college are 3.8 and 15.2 miles away, respectively. Months ago, Northland purchased an Atlanta-area community, The Maven, in Suwanee, Ga.