Marcus & Millichap Inc.
11/26/2024 | Press release | Distributed by Public on 11/26/2024 13:40
Marcus & Millichap Arranges Sale of 135-Unit Apartment Property in Wisconsin
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Marcus & Millichap Arranges Sale of 135-Unit Apartment Property in Wisconsin
November 26, 2024
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WHITEWATER, Wis., Nov. 26, 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 The Apex Apartments, a 135-unit apartment property located in Whitewater, Wisconsin.
"The multifamily housing market continues to demonstrate remarkable resilience, including secondary markets," said Matthew Whiteside, senior managing director investments. "Marcus & Millichap's research indicates nationally, the renewal conversion rate hit 54.9 percent in August 2024, increasing by 150 basis points year over year. Renters are staying put partially due to barriers to first-time homeownership, resulting in strong multifamily demand and growth."
Whiteside, investment specialist in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the sellers, TPW Whitewater LLC and AG Whitewater LLC, and procured the buyers, Charge Holdings, LLC, Lake Square, LLC, and Fraternity Lane, LLC.
The Apex Apartments comprises 16 buildings on 6.99 acres across North Fraternity Lane and West Florence Street. The property includes a mix of one- and two-bedroom apartments, with floor plans varying by building. Built in 1960, 47 units have been fully remodeled, while the remaining units present a value-add opportunity.
"The multifamily housing market continues to demonstrate remarkable resilience, including secondary markets," said Matthew Whiteside, senior managing director investments. "Marcus & Millichap's research indicates nationally, the renewal conversion rate hit 54.9 percent in August 2024, increasing by 150 basis points year over year. Renters are staying put partially due to barriers to first-time homeownership, resulting in strong multifamily demand and growth."
Whiteside, investment specialist in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the sellers, TPW Whitewater LLC and AG Whitewater LLC, and procured the buyers, Charge Holdings, LLC, Lake Square, LLC, and Fraternity Lane, LLC.
The Apex Apartments comprises 16 buildings on 6.99 acres across North Fraternity Lane and West Florence Street. The property includes a mix of one- and two-bedroom apartments, with floor plans varying by building. Built in 1960, 47 units have been fully remodeled, while the remaining units present a value-add opportunity.
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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.