HFF Closes Sale of $45M Wisconsin Project
- Jan 17, 2017
Madison, Wis.—HFF announced its closing of New Fountains, an apartment community located in the Fichburg suburb of Madison, Wis., for $45.5 million. HFF marketed the property on behalf of New Fountains Equity LLC, an affiliate of Mandel Group, Inc. of Milwaukee, Wis. Monarch Investment and Management Group of Denver, Colo., purchased the asset.
Located at 5401 Williamsburg Way, the 578-unit community is situated on 28 acres west of U.S. Highway 151 and along the Madison Metro Transit System routes 52 and 59. The 14, two- and three-story buildings offer studios and one-, two- and three-bedroom floorplans ranging from 485 to 1,420 square feet, according to Yardi Matrix. The community includes an affordable housing component of 118 units.
Residents have access to amenities such as two swimming pools with sundecks, two tennis courts, a business center, a volleyball court, 14 laundry facilities, 638 parking spaces, private balconies and patios and a fitness center.
The HFF investment sales team representing the seller was led by associate director Wick Kirby, managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.
The community was 94 percent leased upon closing.
Image courtesy of Yardi Matrix