Marcus & Millichap Inc.
Marcus & Millichap Inc.
11/09/2024 | Press release | Distributed by Public on 12/09/2024 22:23
Marcus & Millichap Arranges Sale of 87-Unit Apartment Property in Milwaukee
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Marcus & Millichap Arranges Sale of 87-Unit Apartment Property in Milwaukee
September 11, 2024
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MILWAUKEE, Sept. 10, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Southport Apartments, an 87-unit apartment property located in Milwaukee, Wisconsin.
"As the buyer undertakes the enhancement of Southport's units and common areas, we anticipate that these improvements will significantly elevate the property's market value," said Matthew Whiteside, senior managing director investments. "This strategic repositioning will not only enhance the living experience for residents but also strengthen the property's competitive edge in the market, making it a highly attractive asset in the long term."
Whiteside, investment specialist in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the seller, Devo Southport, LLC and 905 East Meinecke Ave, LLC, and procured the buyer, 3 Sharks Properties, LLC. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Located at 2536 W. Warnimont Avenue, Southport Apartments features a mix of one- and two-bedroom units across 64,332 square feet. The property is located one block east of the 27th Street and Morgan Avenue intersection, providing close access to national retailers including Walmart, Panera Bread, Office Depot and Planet Fitness.
"As the buyer undertakes the enhancement of Southport's units and common areas, we anticipate that these improvements will significantly elevate the property's market value," said Matthew Whiteside, senior managing director investments. "This strategic repositioning will not only enhance the living experience for residents but also strengthen the property's competitive edge in the market, making it a highly attractive asset in the long term."
Whiteside, investment specialist in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the seller, Devo Southport, LLC and 905 East Meinecke Ave, LLC, and procured the buyer, 3 Sharks Properties, LLC. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Located at 2536 W. Warnimont Avenue, Southport Apartments features a mix of one- and two-bedroom units across 64,332 square feet. The property is located one block east of the 27th Street and Morgan Avenue intersection, providing close access to national retailers including Walmart, Panera Bread, Office Depot and Planet Fitness.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.