Marcus & Millichap Inc.
Marcus & Millichap Inc.
30/07/2024 | Press release | Distributed by Public on 30/07/2024 16:15
Marcus & Millichap Arranges Sale of 47-Unit Multifamily Property in Wisconsin
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Marcus & Millichap Arranges Sale of 47-Unit Multifamily Property in Wisconsin
July 30, 2024
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THIENSVILLE, Wis., July 30, 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 Grand Avenue Apartments, a 47-unit apartment property located in Thiensville, Wisconsin. The property sold for $5,750,000, or $122,340 per unit.
"We had a significant amount of interest in this property due to the location and the condition of the buildings," said Blake Hanlon, senior associate. "Additionally, there was significant upside with rents that made for an interesting offering process."
Hanlon and Mark Peltin, multifamily investment specialists in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the seller, a family office, and procured the buyer, a local real estate investor. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Grand Avenue Apartments are located at 114-120 Grand Avenue across 3.93 acres. The original building was constructed as a school in 1920 and contains 18,668 square feet. The rear apartment building was constructed in 1986 and contains 34,560 square feet. The complex offers a mix of 1- and 2-bedroom units, many of which are townhouse style, all equipped with modern amenities.
"We had a significant amount of interest in this property due to the location and the condition of the buildings," said Blake Hanlon, senior associate. "Additionally, there was significant upside with rents that made for an interesting offering process."
Hanlon and Mark Peltin, multifamily investment specialists in Marcus & Millichap's Milwaukee office, had the exclusive listing to market the property on behalf of the seller, a family office, and procured the buyer, a local real estate investor. Todd Lindblom, Broker of Record in Wisconsin, assisted in closing the transaction.
Grand Avenue Apartments are located at 114-120 Grand Avenue across 3.93 acres. The original building was constructed as a school in 1920 and contains 18,668 square feet. The rear apartment building was constructed in 1986 and contains 34,560 square feet. The complex offers a mix of 1- and 2-bedroom units, many of which are townhouse style, all equipped with modern amenities.
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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.