M&R JV Breaks Ground on Wisconsin Community
- Jun 26, 2020
A joint venture between M&R Development and Campbell Capital Group LLC has begun construction on a new apartment community called Elevate in Madison, Wisc. It is the second project M&R Construction has launched in the Badger State this year.
With an address at 5022 American Pkwy. on Madison’s east side, the 270-unit Elevate will be a four-story building featuring studio, one- and two-bedroom units. Features and finishes of apartment homes will include quartz countertops, cultured marble bathroom sinks with integral wave bowls, subway tile tub and shower surrounds and modern cabinets. The community’s hub will be a two-story clubhouse with outdoor pool.
Residential real estate has never been abundant on Madison’s east side. But the arrival of a new University of Wisconsin-Madison clinic close to the American Family Insurance headquarters complex in that area increases need for fresh housing alternatives.
“It’s a vastly expanding job market there, and the jobs are coming out of American Family and the university,” Anthony Rossi Sr., M&R Development managing partner, told Multi-Housing News. “It’s the state capital and university; those don’t have recessions.”
Elevate residents will find a number of conveniences close at hand. They include East Towne Regional Mall, Dane County Airport and UW Orthopedic Hospital. The UW-Madison campus, Wisconsin State Capitol Building and downtown Madison are 20 minutes away.
The pandemic’s arrival presented a number of obstacles to progress, Rossi said. “The construction lender is a well-known bank, but one we’ve never worked with before,” he said. “We had a new equity partner we’d never worked with. And previous to this we’d never worked with the city of Madison. So it was a challenge getting it closed. When a city’s employees are working from home, that’s hard.
“The one good thing going for us was our general contractor is Madison-based, and they were extremely helpful. They knew people in the city and could call people. It’s helpful to know people on a first-name basis when you’re trying to process paper.”
Stevens Construction is the general contractor, Poole & Poole Architecture the architect. RMK Management will handle leasing and property management. The groundbreaking on Elevate follows start of construction earlier this year of M&R Development’s 4200 On The Lake, a 236-unit luxury property on Lake Michigan in the inner-ring Milwaukee suburb of St. Francis, Wisc. Elevate is expected to open for first move-ins in August of 2021.