Banner Real Estate Picks Up Madison Apartments

JLL provided the buyer of the 191-unit community with $28.3 million in Fannie Mae financing.
1 Glenn Place. Image courtesy of JLL Capital Markets

Fiduciary Real Estate Development has sold the 191-unit 1 Glenn Place outside Madison, Wis., to Banner Real Estate Group. Fiduciary—the original property developer, builder and manager—completed work on the project in 2019.

JLL Capital Markets worked on behalf of the seller and secured financing for the buyer. The $28.3 million, fixed-rate Fannie Mae loan has a seven-year term.

Previously known as The Glen Apartments at Fahey Fields, the community is located at 5351 Nobel Drive. Encompassing nine three-story buildings, the community features studio, one-, two- and three-bedroom units between 608 to 1,778 square feet. The property offers convenient access to State Route 14 and is located 15 minutes from downtown Madison.

JLL’s Investment Advisory team included Senior Director Wick Kirby and Director Amanda Friant. The firm’s Debt Placement team securing the loan was led by Managing Director Matthew Schoenfeldt.

In addition to its activity in the multifamily sector, Banner Real Estate also maintains a nationwide self storage portfolio. In February, the company completed the nearly $20 million disposition of a Porland, Ore., facility.