Marcus & Millichap Inc.
Marcus & Millichap Inc.
19/08/2024 | Press release | Distributed by Public on 19/08/2024 20:02
Marcus & Millichap Closes Multifamily Asset Sale in Madison Wisconsin MSA
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Marcus & Millichap Closes Multifamily Asset Sale in Madison Wisconsin MSA
August 19, 2024
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FITCHBURG, Wis., Aug. 19, 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 Sun Valley Apartments, a 204-unit apartment complex in Fitchburg, Wisconsin.
"Fitchburg is a fast-growing community with a blend of suburban tranquility and urban accessibility in the Madison MSA where multifamily vacancy is 2.9% and effective rents are growing at 4%," said Matthew Whiteside, senior managing director investments in Marcus & Millichap's Milwaukee office. "Our marketing efforts produced over 30 qualified offers, which shows the continued strength of the Wisconsin apartment market." Whiteside represented the seller, Sierra West LLC and procured the buyer, Monarch Investment and Management Group.
The property is adjacent to the Nevin Springs Fish and Wildlife Area, within walking distance of the Fitchburg Ridge Shopping Center and Hatchery Hill Towne Center, six miles from Madison. Edgewood College, Madison Area Technical College, and the University of Wisconsin are nearby. Major employers in Madison are Exact Sciences Corp., WPS Health Insurance, SSM Health St. Mary's Hospital, and the Wisconsin Department of Transportation.
Built in 1975 and renovated in 2011, Sun Valley Apartments is a 12-building property located on 12 acres. Community amenities include a fitness center, leasing office, playground, and wooded green spaces. Renovated apartments have new gas-fired furnaces, central air conditioning, stainless-steel appliances, light fixtures, and kitchen and bathroom hardware. Select units have a balcony or patio.
"Fitchburg is a fast-growing community with a blend of suburban tranquility and urban accessibility in the Madison MSA where multifamily vacancy is 2.9% and effective rents are growing at 4%," said Matthew Whiteside, senior managing director investments in Marcus & Millichap's Milwaukee office. "Our marketing efforts produced over 30 qualified offers, which shows the continued strength of the Wisconsin apartment market." Whiteside represented the seller, Sierra West LLC and procured the buyer, Monarch Investment and Management Group.
The property is adjacent to the Nevin Springs Fish and Wildlife Area, within walking distance of the Fitchburg Ridge Shopping Center and Hatchery Hill Towne Center, six miles from Madison. Edgewood College, Madison Area Technical College, and the University of Wisconsin are nearby. Major employers in Madison are Exact Sciences Corp., WPS Health Insurance, SSM Health St. Mary's Hospital, and the Wisconsin Department of Transportation.
Built in 1975 and renovated in 2011, Sun Valley Apartments is a 12-building property located on 12 acres. Community amenities include a fitness center, leasing office, playground, and wooded green spaces. Renovated apartments have new gas-fired furnaces, central air conditioning, stainless-steel appliances, light fixtures, and kitchen and bathroom hardware. Select units have a balcony or patio.
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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.